These days, most cryptocurrencies seem stuck in neutral, barely moving up or down. But two digital coins have bucked the trend by rising significantly: Binance Coin (BNB) and Ordinals (ORDI). Meanwhile, a new project, Algotech (ALGT), is generating excitement through its ambitious presale. Let’s look at how BNB and ORDI have done lately and see if Algotech could be the next crypto to shoot for the moon.
BNB’s 19% Gain in June: Will the Growth Continue?
BNB, the native token of the Binance crypto exchange, has grown significantly. In the first seven days of June, BNB had an impressive 19% gain. It reached an all-time high price of $723 on June 6 before dropping slightly to $705. This performance was much better than the overall crypto market trend. The big question traders are asking is whether this strong growth will continue or if it’s just temporary.
One metric that got analysts’ attention is BNB futures open interest. This broke above $1 billion for the first time on June 6. Some analysts thought this surge was caused by too much leverage from buyers, possibly traders worried about missing out.
Sponsored
In terms of DApps activity, BNB Chain remains a top contender, with a 23% surge in volumes over the past seven days. However, the relatively stable number of active addresses engaging with these DApps raises questions about the effective growth in user numbers. While BNB’s on-chain and derivatives data doesn’t raise any red flags, it also doesn’t provide a clear justification for further upside, especially considering the uncertainties surrounding the Binance exchange.
ORDI Token’s Impressive Gains: 24% in One Week
Ordinals (ORDI), a BRC-20 token built on the Bitcoin blockchain, has been making impressive gains in the crypto market. At the time of writing, ORDI is trading at around $54.06.
This rapid upward trend is accompanied by a notable rise in ORDI Futures Open Interest (OI), which has grown by approximately $120 million in the past three days, surpassing the $300 million mark. This growth highlights the increasing market participation and interest in the token.
Technical analysis of ORDI’s performance paints a bullish picture. The token is currently trading above both the 50-day and 100-day Exponential Moving Averages (EMAs), which act as strong support levels.
Additionally, the Relative Strength Index (RSI) stands near 70 with a positive slope, indicating continued bullish momentum. These technical indicators suggest that ORDI could potentially test higher resistance levels, potentially reaching $70 in the near future.
Algotech Raises $6.2 Million During Presale
While BNB and ORDI shine, Algotech, a decentralized algorithmic crypto trading platform, has also been making waves during its presale. The platform has already raised an impressive $6.2 million, exciting many if Algotech could be the next rising star in the crypto space.
Algotech aims to revolutionize trading and investment through innovative technologies and automation. The platform recently invested $1.2 million in H100 GPUs, underscoring its commitment to enhancing the speed, accuracy, and capabilities of its AI engine.
Algotech boasts a wide range of algorithm strategies, a robust technical infrastructure for swift trade execution, and advanced risk management strategies. Furthermore, the platform utilizes machine learning and AI for market analysis, positioning it as a powerful tool for traders seeking an edge in the market.
Learn more:
Visit Algotech Presale
Join The Algotech Community
This article contains a press release from an external source. The opinions and information presented may differ from those of DailyCoin. Readers are encouraged to independently verify the details and consult with experts before acting on any information provided. Please note that our Terms and Conditions, Privacy Policy, and Risk Warning have been recently updated.