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Altcoins and defi tokens break as the price of Bitcoin approaches key resistance

Altcoins and defi tokens break as the price of Bitcoin
Altcoins and defi tokens break as the price of Bitcoin

Tired digital currency traders woke up to the green light in the markets on May 2 when bulls managed to offer the price of Bitcoin (BTC) above the crucial resistance of the ‘sand line’ at $ 37,500, while Ether (ETH) traded briefly at $ 2,800.

The rise in the price of both BTC and Ether has been accompanied by double-digit gains in multiple altcoins, which has led some to speculate that the market is experiencing an oversold rebound after the recent recession.

Price data, Twitter and volume of operations. Source: Cointelegraph Markets Pro

The group leader for this most recent rally is once again Dogecoin (Doge), which rebounded 28% to an intraday high of $ 0.4446 after the June 1 announcement that the testimony would be included in Coinbase Pro and Elon Musk’s renewed Twitter promotion.

Cointelegraph Markets Pro data began detecting the Doge bullish turn on May 31, ahead of the recent price rise and ahead of 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 that include market sentiment, trading volume, recent price movements, and l Twitter activity.

VORTECS score ™ (green) versus Doge price. Source: Cointelegraph Markets Pro

As seen in the table above, the VORTECS ™ score by Doge began recording green on May 31 and reached a high of 74 on June 1, just 14 hours before the system registered the ad. of NewsQuake ™ that Doge was included in Coinbase Pro, which was followed by a 45% rise.

Deficiency projects are gaining ground

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

VORTECS score ™ (green) against the KNC price. Source: Cointelegraph Markets Pro

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

Another challenge-focused project that was identified by Cointelegraph Markets Pro before its recent price move is Kava, which has gained 36% in the last 24 hours and is currently trading at $ 4.68.

Score VORTECS ™ (green) vs. Kava price. Source: Cointelegraph Markets Pro

As seen in the chart above, conditions for kava have been bullish for some time, as evidenced by the sustained green score of VORTECS ™ over the past week. The VORTECS ™ score for Kava reached a high of 75 to 31 May, approximately 48 hours before a 45% price rise began.

The May 19 correction removed $ 1.2 trillion in value across the digital currency market and while the shock waves of the historical correction still resonate throughout the market, a handful of defi tokens and altcoins are starting to show signs of bullish momentum.

This suggests that cautious traders are slowly returning to the market in the hope that the second stage of the 2021 bullish market may be underway.

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

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