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Chainlink’s ecosystem growth suggests that LINK is currently “undervalued”. Analyst

Crypto analyst Aaron Arnold says Chainlink is among projects with huge potential going forward. Total value secured in the protocol has surpassed $76 billion Address growth and token accumulation are key indicators of potential growth Based on a broad analysis of many top altcoins, the analyst believes that growth in the Oracle protocol’s ecosystem can…

  • Crypto analyst Aaron Arnold says Chainlink is among projects with huge potential going forward.
  • Total value secured in the protocol has surpassed $76 billion
  • Address growth and token accumulation are key indicators of potential growth

Based on a broad analysis of many top altcoins, the analyst believes that growth in the Oracle protocol’s ecosystem can catalyze massive price gains for LINK token.

Along with Chainlink, Aaron is bullish about Crypto.com (CRO), Injective Protocol(INJ), Sandbox [SAND] and Binance Coins (BNB). These altcoins are on a roll when it comes to network growth. A fresh upside for crypto market is likely to propel them to new heights.

Chainlink (LINK) is undervalued

Chainlink’s price has declined almost 20% in the past seven days and currently trades around $28.31. According to CoinGecko, the token has crashed nearly 47% since touching an all-time high of $52. 70 on 10 May this year.

Looking at intraday action, LINK tries to shake off bears with a 2% upside. However, the overall picture is clouded by crypto’s marketwide dips.

Despite these concerns, Arnold believes Chainlink can see continued price growth. In a YouTube video posted on 18 November, the analyst notes that it would be wrong to write off LINK.

I don’t believe Chainlink will disappear anytime soon, especially if you look at the ecosystem ,” that he mentioned.

The analyst says the 16th ranked $13-billion project grew monumentally during the third quarter and that it ranks well above most projects in the same sector of blockchain-based protocols.

#Chainlink saw unprecedented adoption in Q3 of this year.

With over 250 new projects now #PoweredByChainlink–from top dApps to data providers, node operators, and enterprises–the #blockchain ecosystem is realizing the power of oracles for unlocking smart contract innovation. pic.twitter.com/4DjyJS45kV

— Chainlink – Official Channel (@chainlink) November 11, 2021

On 15 November, LINK traded around $34 against the US dollar and on-chain data tracker Santiment revealed that LINK whales took advantage of a price decline to significantly increase their holdings.

There are currently 64 addresses that hold between 1M and 10M $LINK. These whale wallets have increased their value by 1.5% in the past 4 days. 89% of the #Chainlink supply to their cumulative bags. They’re now up to 18. 01% of the total supply, a new #AllTimeHigh held. https://t.co/8xnV848Y5Z pic.twitter.com/y5QtZRDoz0

— Santiment (@santimentfeed) November 15, 2021

Arnold considers the on-chain statistics to be indicative of greater growth for Chainlink. He said:

If you take a look at wallet holders by amount, whether you’re a minnow, a starfish, or a whale, accumulation and distribution of Chainlink continues to increase.”

Where does Arnold see Chainlink heading in the future? He suggests that Chainlink is going up, pointing to the recent ecosystem growth of the cryptocurrency as an indicator that the native LINK coin is undervalued.

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Algotech (ALGT) raises over $500k in a single day during ongoing presale

San Fransico, California, April 9th, 2024, Chainwire Algotech (ALGT) has emerged in the limelight again with the milestone of raising $500,000 in a single day during its ongoing presale. In less than four weeks of the current presale, Algotech has raised over $3.5 million. Algotech’s Journey Algotech was launched as an initiative by successful traders…


San Fransico, California, April 9th, 2024, Chainwire

Algotech (ALGT) has emerged in the limelight again with the milestone of raising $500,000 in a single day during its ongoing presale. In less than four weeks of the current presale, Algotech has raised over $3.5 million.

Algotech’s Journey

Algotech was launched as an initiative by successful traders and technology experts who wanted to democratize access to advanced trading tools for layman users. The team wanted to provide beginning traders with the same high-tech tools that are used by hedge funds and large-scale investment firms. Combining this with the effectiveness of blockchain technology, Algotech has set its sights on becoming the leading platform by bridging together AI and blockchain technology in the trading segment.

Bringing Together AI and Finance

Millions of new users are embracing blockchain technology for its groundbreaking potential. However they still have to rely on traditional exchanges that design the ecosystem to favor institutional investors. Algotech is rectifying this challenge by introducing the first artificial intelligence (AI) based exchange that will allow users to have advantages in trading. The platform makes it simple for users to invest in cryptocurrencies and receive automated investment guidance.

Algotech’s Key Features

What makes Algotech a standout leader in the segment is the core features that have been introduced for traders. Imagine a trading landscape where regular traders have access to the same tools and resources as hedge funds and large-scale institutional investors. These tools conventionally have massive fees and are only available to a limited number of institutes. This is precisely the challenge that Algotech is working on addressing.

Here are the core features that are making Algotech is working on:

Breakout Detection

The breakout detection feature relies on advanced algorithms that factor in over 1000 unique data points to identify breakout opportunities. These algorithms have been trained on H100 GPUs to ensure that traders can get accurate investment calls for high-precision calls.

Hedging

Algotech allows traders to minimize investment risk by monitoring funding levels, liquidity, and spread. These factors generate warnings and allow users to implement advanced risk management including automated stop-losses.

High-Volume Arbitrage

This feature allows users to take advantage of the difference in pricing between different platforms using Algotech’s technical APIs. With high positioning sizing, users can handle trades with ease.

The Growing AI Blockchain Segment

The growth of the AI sector has been exceptional. In the past few years, the sector has grown multifold, and today, it has a market cap of over $25 billion, according to CoinGecko. In the coming few years, this number is expected to explode further as millions of new users are now looking for AI-based features in their day-to-day applications. One of the biggest sectors under the spotlight is the trading sector. The global cryptocurrency exchange segment is currently valued at over $45 Billion and is expected to reach $110 Billion in 2028. Additionally, beyond just cryptos alone, AI blockchain technology is also expected to serve as the backbone of the global trading ecosystem. This is where Algotech expects to bridge the gap by introducing AI-based trading features. These features will allow beginner traders to have an even playing ground against leading institutional investors and seamlessly invest using AI as their guide.

About Algotech

As Algotech continues its journey to transform Decentralized Finance (DeFi) with its innovative products, it is exciting to see the community support for this mission. The platform is democratizing access to trading tools for individuals across the world by providing AI features. Additionally, Algotech is making investing inclusive for the broader community by making it simple for users to become an early part of the community by providing governance rights and profit shares. As the project moves through its phases, we can only look toward the achievements that are on the horizon for Algotech, a true AI-blockchain project.

Visit the links below for more information about Algotech (ALGT): 

Algotech is the source of this content. This Press Release is for informational purposes only. The information does not constitute investment advice or an offer to invest. Investing in cryptocurrencies is volatile and risky.

Contact

Algotech


Algotech Solutions


[email protected]


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IOTA price nears a key support: Can bulls bounce on key news?

IOTA price is down 4% in the past 24 hours and trades near $0.30. The IOTA team announced a key partnership in Singapore,but is the price set to bounce or dip futher? IOTA’s price has declined 5% in the past 24 hours to trade near a key support level. The slip now has weekly gains…


  • IOTA price is down 4% in the past 24 hours and trades near $0.30.
  • The IOTA team announced a key partnership in Singapore,but is the price set to bounce or dip futher?

IOTA’s price has declined 5% in the past 24 hours to trade near a key support level. The slip now has weekly gains cut to just 2% while the altcoin has turned red on the monthly time frame.

The IOTA token trades at $0.31, down from recent highs of $0.41. This cryptocurrency is also one of the worst performing since the 2017 bull market. Per data from CoinGecko, IOTA is down more than 94% since its all-time high above $5.25 reached over six years ago.

On Tuesday, IOTA announced a major partnership with Tenity as it looks to tap into the growth potential in the Real-World Assets (RWAs) and DeFi sectors. The APAC Accelerator is a 12-week program that will see select startups receive $50k in grants.

📣 Big news from Singapore! We’ve teamed up with @tenity_global to launch the #IOTA APAC Accelerator, a 12-week program to empower the next generation of DeFi pioneers.💪

Find out how you can apply & receive a $50,000 grant 👇 https://t.co/R4EQAVaX4O pic.twitter.com/rKQp9jJqDa

— IOTA (@iota) April 9, 2024

Despite this and other recent key developments, price remains largely devoid of any strong momentum.

IOTA price – bounce or dip?

Bitcoin’s run to the new all-time high above $73k in March catalysed strong gains for most altcoins. Ethereum for instance reached a multi-year peak above $4,000 while Solana, BNB and even Dogecoin soared.

IOTA did manage to break above $0.30 during the broader market spike in March. However, it remained well below its 2021 highs above $2 and as a result has dropped out of the top 100 by market cap.

Can IOTA’s price recover to the last bull market highs and potentially eye a retest of its ATH?

IOTA price chart

IOTA/USD on the weekly chart is below the 50-week EMA and the RSI is trending lower below 50.

A symmetrical triangle pattern is also formed on the daily chart, with price capped by a downtrend line since mid-March.

If price breaks out from the upper trend line, IOTA could retest levels at $0.35 and potentially $0.41 to allow for a bullish breakout in line with the broader market.

On the flipside, a breakdown for IOTA from the lower trend line would indicate a bearish trend. In this case, a drop to $0.20 is possible, below which bears could target October 2023 lows of $0.13.


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Analyst: Solana to Reclaim $200, Many New Crypto ATHs Soon

In his latest social media posts, Daniel Cheung, co-founder of Syncracy Capital, expressed confidence in the strength of solana (SOL) and its potential to reclaim the $200 mark. He also hinted that upcoming upgrades could pave the way for new all-time highs (ATHs). Cheung also shared his bullish outlook on bitcoin (BTC…
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