Crypto whales shift to Algotech presale as BONK, SUI lead losses

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While BONK and SUI are struggling with significant losses, crypto whales are turning to the Algotech pre-sale, signaling a notable shift in the digital asset market.

The cryptocurrency market is undergoing radical change due to the actions of wealthy investors known as “crypto whales”. They began selling their positions in small-cap tokens like BONK and SUI. This sudden movement of money is fueled by the growing appeal of Algotech’s presale.

The aftershocks of this shocking change in the industry caused panic among digital asset holders, led by BONK and SUI.

BONK is facing a downtrend, the price is struggling with the $0.000022 support

BONK, the self-proclaimed “meme killer” cryptocurrency, finds itself in a precarious situation amid ongoing market chaos. Despite the initial optimism and dedicated community, the token failed to break a key resistance trend line that would have allowed it to escape further declines.

Instead, BONK got stuck in a descending wedge pattern, a bearish technical pattern that often precedes downward price activity. There are short bets on the meme coin, as evidenced by sentiment among investors who reduced the funding rate to -0.0215%.

At the time of writing, BONK’s price is hanging around the $0.000022 support line, but it could soon drop below this level based on bearish signals around this token. All technical indicators look bleak; for example the Relative Strength Index (RSI). The momentum oscillator being below the neutral 50.0 line indicates the absence of overbought conditions typically associated with price recoveries.

SUI token drops 47.58% from ATH, TVL drops

While BONK’s struggles have attracted attention, the situation of SUI, the native token of the Sui blockchain ecosystem, is equally concerning. SUI has fallen a staggering 47.58% from its all-time high of $2.18 and the current price is hovering around $1.14. Last week, the cryptocurrency fell by 10%.

Adding to the woes of SUI is the significant drop in total value locked (TVL), a key metric that measures the total amount of cryptocurrency locked in decentralized finance (DeFi) protocols within a given blockchain ecosystem. According to data from DefiLlama, the token’s TVL has fallen from its record high at the beginning of this year and currently stands at around $603 million.

This decline in TVL indicates a decrease in user engagement and locked funds within the Sui ecosystem, reflecting the broader negative sentiment plaguing the cryptocurrency market. Analysts point to a combination of factors such as rising inflation concerns, ongoing geopolitical tensions and general risk aversion among investors as potentially contributing to the crisis.

Algotech’s pre-sale is a ray of hope amid market turmoil

Meanwhile, the Algotech (ALGT) presale positions itself as a light at the end of the tunnel for those who have lost hope in these turbulent times that BONK and SUI have faced recently. This particular project aims to provide a completely new approach to algorithmic trading through the use of advanced technologies and automation.

What really catches the attention of long-term investors here is Algotech’s diversity when it comes to different types of algorithms suitable for various market conditions and trading styles; We should not forget its strong technological backbone that can handle high volume. It processes without any delays or failures.

This event, which raised more than $4.2 million in the Algotech pre-sale phase alone, continues to attract the attention of many whales interested in finding new investment avenues in the crypto space; While the current price is 0.08 ALGT tokens, the next phase will increase to 0.10 ALGT and will serve to further increase the attractiveness of Algotech.

To learn more, visit the Algotech presale or join the Algotech community.

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