Cardano, Dogecoin lose ground to Algotech as bears dominate

As the cryptocurrency market shifts from bullish to bearish, Algotech gains traction with its AI-driven approach, while established platforms like Cardano and Dogecoin feel the pressure.

The rising bullish sentiment for the broader cryptocurrency market has switched to bearish sentiments in a matter of days with established platforms like Cardano (ADA) and Dogecoin (DOGE) feeling the brunt of bearish pressure. In the midst of all this, Algotech (ALGT) has emerged as a new favorite for investors with its AI-centric approach.

Cardano feels the squeeze

Cardano hasn’t lost its nickname as the “Ethereum killer” despite its sub-par price performance compared to Ethereum. Recent updates according to Santiment and an analysis by FXstreet reveals that ADA holders have realized a loss of about $40 million in June 2024. This is largely due to ADA Whales holding between $100,000 and higher, and $1 million and higher shedding the token.

Amid the broader crypto bearish sentiment, some analysts add that this shedding by ADA Whales signals capitulation among ADA holders — panic selling — which often proceeds a bullish climb. In the meantime, ADA is currently at $0.42 as of the time of writing, with a -5.27% decline in 24 hours.

Dogecoin faces bear pressure

Dogecoin (DOGE) is currently trading at $0.13 as of the time of writing. A look at DOGE’s price chart using the 4hr timeframe in the last 4 days shows 16 bearish closes and 12 bulls attempt on DOGE price, reflecting a decline in price from $0.16 to $0.13. While a large part of this decline is tied to the global crypto market, some analysts still believe that the lack of utility Dogecoin suffers from is slowly catching up with it.

AI tokens capture 2024 with Algotech leading the charge

Artificial intelligence in crypto has been a thing for the past seven years where projects like Fetch.AI, SingularityNET, and OCEAN Protocol have been pioneers. However, after a moment of silence and drop in momentum, AI-cryptos picked up the pace again from the end of 2023 into 2024. AI tokens began to surge, leaving investors in profits.

Algotech (ALGT) was a major name in the headlines from the beginning of 2024, making waves with its algorithmic trading and artificial intelligence solution to crypto trading. This reflected in its $1.1 million raised in a private seed-raising round in 48 hours, building up to a current $6.5 million in ALGT sales across three presale stages.

Algorithmic trading positions itself as the future of crypto trading and artificial intelligence positions itself at the core of technological advancements into the next 10 years and beyond. Having a platform like Algotech fuse both emerging technologies to create a superior trading tool and platform that any trader can access and utilize appeals strongly to the crypto trading population. For Algotech, a future where every trader can create wealth easily and consistently is possible.

To learn more about Algotech, visit the Algotech presale website and join the Algotech community.