Cryptocurrency News

Altcoins and DeFi tokens break out as bitcoin price approaches a key resistance level


Weary cryptocurrency traders woke up to a green sight in the markets on May 2 as bulls managed to bid up the price of bitcoin (B T c) above important’line in the sandResistance at $37,500, while Ether (ETH) briefly traded at $2,800.

Several altcoins have gained double digits along with the rising price of both BTC and Ether, leading some to speculate that the market is experiencing an oversold surge after the recent downturn.

Price, Twitter and trading volume data. Source: Cointelegraph Bazaar Pro

The leader of the pack for this most recent rally is once again Dogecoin (DOGE), which rose 28% to an intraday high of $0.4446 after the June 1 announcement that the token would be listed on Coinbase Pro and Updated Twitter Promotions From Elon Musk.

data from Cointelegraph Bazaar Pro Beginning to trace a bullish turning point for DOGE on May 31, ahead of the recent price hike and the Coinbase Pro announcement.

The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions, derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.

VORTECS™ score (green) vs. DOGE value. Source: Cointelegraph Bazaar Pro

As seen in the chart above, the VORTECS™ score for DOGE began registering in the green on May 31st and reached a high of 74 on June 1st, when the system started listing DOGE on Coinbase Pro. NewsQuake™ announcement, which was followed by a 45% rally.

DeFi projects gain traction

Cointelegraph Bazaar Pro Data from Kyber Network (KNC) shows that the market conditions for the project have been favorable for some time.

VORTECS™ score (green) vs. KNC value. Source: Cointelegraph Bazaar Pro

As seen in the chart above, the VORTECS™ score for KNC moved into the green zone on 31 May and remained high for the next two days before reaching a high of 74 on 1 June, when its price 75% rally started.

Another DeFi-focused project identified Cointelegraph Bazaar Pro Ahead of its recent price move is Kava, which is up 36% over the past 24 hours and is currently trading at $4.68.

VORTECS™ score (green) vs. KAVA value. Source: Cointelegraph Bazaar Pro

As seen in the chart above, conditions for KAVA have been bullish for some time, as evidenced by the continuous green VORTECS™ score over the past week. The VORTECS™ score for KAVA reached a high of 75 on 31 May, almost 48 hours before starting the 45% price rally.

The May 19 correction wiped out $1.2 trillion in value in the crypto market and the shocks from the historic correction are still reverberating across the market, with a handful of DeFi tokens and altcoins starting to show bullish signs.

This suggests that cautious traders are slowly returning to the market in the hope that the second phase of the 2021 bull run may follow.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, so you should do your own research when making a decision.