Evai CEO Praises ALGO: Promising Altcoin, Top Pick for Powerful Rebound
- Besides Dixon’s belief in ALGO’s tech and well-funded status, he also believes that ALGO’s downward correction may be over.
- At press time, ALGO was trading at $0.1663 after a 1.58% price increase over the past day.
The CEO of Evai Crypto Ratings Matthew Dixon published a post on Twitter earlier today regarding a certain cryptocurrency he has been keeping an eye on. In his post, he revealed that Algorand (ALGO) is the altcoin he is paying close attention to, stating that it is a “promising project.”
In addition to this, the CEO referred to the ALGO/TetherUS daily chart and explained that he believes that the altcoin’s correction down will soon be coming to an end. Furthermore, he shared advice and suggested that traders consider a DCA (Dollar-Cost Averaging) strategy when trading ALGO.
Dixon also explained that ALGO is one of his top picks when it comes to choosing a cryptocurrency that could experience a powerful rebound. His reasons for preferring ALGO over many other cryptos include the project’s “amazing tech” and its well-funded status.
ALGO price (Source: CoinMarketCap)
CoinMarketCap indicated that ALGO was one of the many cryptocurrencies that experienced a price increase over the past 24 hours of trading. At press time, ALGO was up 1.58% over the past day and was worth about $0.1663. The altcoin was also able to set a daily high of $0.1667 over this time period.
This recent price movement ended up being enough for ALGO to strengthen against Ethereum (ETH) by about 0.21%, but the altcoin weakened against the market leader, Bitcoin (BTC), by 0.37%. Its market cap of $1,204,555,738 meant that ALGO was ranked as the 41st biggest crypto in terms of market capitalization as well.
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