The cryptocurrency market remains very dynamic, as with such assets as Avalanche, which is now meeting critical price movements and resistance levels. Meanwhile, new projects continue to spark the attention of investors and enthusiasts. Lately, two projects in Algotech and Worldcoin have raised eyebrows, albeit on divergent trajectories. Algotech is a decentralized algorithmic crypto trading platform that is now gearing up to close its successful presale by June, while Worldcoin, one of the global inclusion cryptocurrencies, is going through a number of regulatory issues, most remarkably in Hong Kong.
Market Analysts Signal Bullish Trend Above $40
Today, Avalanche (AVAX) is trading at $38.53 price, 24-hour trading volume of $372 million. In the last 24 hours, it has decreased by 0.63%. According to CoinMarketCap, Avalanche ranks at 11th position, with a standing market cap of $15 billion and $392,835,592 effective coins circulating out of a maximum supply of 715,748,719 AVAX.
After having reached high at $65 on March 18, the cryptocurrency collapsed 55% to $30 on April 13. Since then, AVAX has been continuously moving sideways and is already 36 days within this channel. Several market analysts consider this good signal of AVAX’s behavior, especially when the coin breaches above the $40 level, as a great indicator of what could be a bullish trend coming.
In addition, Avalanche remains very bullish in its outlook. Even if the recent trend fluctuated quite a bit, some experts claim it is expected to be around $83.92 by the end of this year. There are even such bull cases as it will exceed its previous all-time high by $146.22.
Worldcoin Faces Major Hurdle in Hong Kong
Worldcoin, founded by OpenAI CEO Sam Altman and Alex Blania, has run into a major hurdle by the government of Hong Kong. On May 22, 2024, the Hong Kong government issued an order that the project team cease using some human iris scanning devices, saying they were being used in violation of the Privacy Ordinance.
The Worldcoin project is all about making a truly borderless digital currency that is given out for free to each and every person worldwide. It is for this cause that the team was using iris scanning technology for user identification. However, these appear to be the reasons, forming the base of the complaint placed by the Privacy Commissioner for Personal Data (PCPD) in Hong Kong.
Official statistics indicate that about 8,302 individuals from Hong Kong have registered on the Worldcoin app to undergo facial and iris scanning. Meanwhile, the PCPD noted that Worldcoin did not provide the research experiment participants with sufficient information on what losing control of personal biometric data risks and pitfalls are and the mechanisms for redress of raised concerns.
At the time of writing, Worldcoin was trading at $4.66, with a 24-hour volume topping $255 million after a 50% retreat from recent peaks. The cryptocurrency ranks 87th on CoinMarketCap, with a market capitalization of $1 billion.
Algotech (ALGT) Set to Wrap Presale in June
While Worldcoin is in some roughened waters with its regulatory issues, Algotech (ALGT) confidently marches toward the finish line of its presale event. This project, a decentralized algorithmic crypto trading platform, has managed to raise over $5.8 million and is now in its fourth and last bonus stage.
The presale of Algotech has attracted huge investor interest, including that of Worldcoin. The unique project in trade and investment, through innovation with state-of-the-art technologies involving automation, attracts the interest of seasoned traders and newbies.
The tokenomics of this project are also quite appealing, given a total supply of 350,000,000 ALGT tokens on the ERC-20 network. Estimations have been put at an opening price of $0.15. Algotech has also announced an exciting giveaway.
Contestants who invest at least $100 at the presale are eligible to win one of ten prizes, each worth $25,000 in ALGT tokens. This mega giveaway will be worth an equated $250,000, reflecting Algotech’s commitment to rewarding early supporters and fostering vibrancy within its community.
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