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.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

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