Cardano Price Shows Major Bearish Signs, ALGT Moves Closer to End of Stage 1 Presale

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Cardano (ADA) price is suffering from immense selling pressure as the project fails to deliver new updates to the community. The ADA token is facing selling pressure below the $0.650 mark. Data from CoinMarketCap suggests that the price failed to sustain in the region despite multiple breakout attempts. 

Cardano Faces Significant Resistance – Market Sentiment Turns Bearish  

The Technical Analysis of the Week showed that, two weeks ago, Cardano’s price had finally broken through a long-term vertical resistance zone. Before doing so, the ADA price had made five unsuccessful breakout attempts (red icons), leading to long upper wicks. It’s considered to be a sign of pressure from the seller.

After the breakout, the Cardano price created a bearish movement the previous week. This week, it returned to the horizontal area, possibly validating it as support. The daily time frame price action aligns with the weekly one. It shows that the ADA price broke out from a descending resistance line on February 8, reaching a high of $0.64 on February 20. 

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Meanwhile, short position traders continued to dominate ADA’s future market. According to AMBCrypto’s analysis of Coinglass’ data, the Longs/Shorts Ratio has remained below 1 throughout February, implying higher expectations of ADA’s decline than its rise.

Algotech (ALGT) Moves Closer to End of Stage 1 Presale – Gaining Popularity

Algotech (ALGT) is an algorithmic trading platform that simplifies investments by providing advanced trading features. The platform has gained significant attention from investors because of its fast-selling presale. Initially, the platform raised over $1.1 million in its private seed round within two days. 

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Users are excited about the platform because of features like breakout detection, hedging, mean reversion, and high-volume arbitrage. Algotech (ALGT) community members are entitled to governance rights and profit shares. 

The deflationary ERC-20 coin is also backed by solid tokenomics that ensure continued reinvestment into development to support the growth of the trading Platform. Algotech’s commitment to innovation ensures transparency, scalability, and user-friendly experiences.

The project is positioned to become a major stakeholder as we approach the bull run.  With presale demand heating up, a massive surge above the current level is highly likely. 

With the public presale now in Stage 1, investors have the opportunity to acquire ALGT at an attractive altcoin price of $0.04. As Algotech continues to redefine the landscape of crypto trading, securing a place in its presale offers the potential for long-term benefits.

Due to the project’s outstanding performance at the start of 2024, its worth is anticipated to skyrocket beyond its current level. Its value is predicted to reach an all-time high of $0.15 before it gets listed on more exchanges, indicating a significant rise in the earnings of early investors.

Learn more: 

Visit Algotech Presale

Join The Algotech Community

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