As Bitcoin price approaches key resistance, altcoins and DeFi tokens break through

On May 2, tired cryptocurrency traders woke up when they saw a green scene in the market because the bulls managed to bid for Bitcoin (Bitcoin) The key above ‘Shazhong Line‘Resistance is at 37,500 USD, while Ether (Ethereum) Has a short-lived transaction price of US$2,800.

The price increase of BTC and Ether was accompanied by double-digit increases in various altcoins, leading some people to speculate that the market is experiencing an oversold rebound after the recent downturn.

Price, Twitter, and transaction volume data. source: Cointelegraph Markets Pro

The leader of this recent rally was once again Dogecoin (DOGE). After announcing that the token will be listed on Coinbase Pro on June 1, the coin rose 28% to an intraday high of $0.4446. Update Twitter promotion From Elon Musk.

Data from Cointelegraph Markets Pro On May 31, before the recent price increase and the release of Coinbase Pro, the bullish turn of DOGE began to be detected.

Cointelegraph’s unique VORTECS™ score is an algorithmic comparison of historical and current market conditions. These data points include a combination of market sentiment, trading volume, recent price changes and Twitter activity.

VORTECS™ score (green) and DOGE price. source: Cointelegraph Markets Pro

As shown in the figure above, DOGE’s VORTECS™ scores were registered as green on May 31st, and reached a high of 74 on June 1st. After the system registered NewsQuake™ and announced that it was listed on Coinbase Pro, it was followed by 45% Rebound.

DeFi project gains attention

Cointelegraph Markets Pro According to data from Kyber Network (KNC), the market condition of the project has been around for some time.

VORTECS™ score (green) and KNC price. source: Cointelegraph Markets Pro

As shown in the figure above, KNC’s VORTECS™ score entered the green zone on May 31 and remained high for the next two days, and then reached a high of 74 on June 1, when its price started to rise by 75%.

Another DeFi-focused project is created by Cointelegraph Markets Pro Before its recent price change was Kava, which has risen 36% in the past 24 hours and is currently trading at $4.68.

VORTECS™ score (green) and KAVA price. source: Cointelegraph Markets Pro

As shown in the graph above, the continuous green VORTECS™ scores over the past week prove that KAVA’s situation has been bullish for some time. KAVA’s VORTECS™ score reached a high of 75 on May 31, approximately 48 hours before the price started to rise by 45%.

The correction on May 19 erased the value of the entire cryptocurrency market of $1.2 trillion. Although the shock wave of the historical correction is still reverberating throughout the market, a small number of DeFi tokens and altcoins have begun to show signs of bullish momentum.

This shows that cautious traders are slowly returning to the market, hoping that the second phase of the 2021 bull market may be underway.

The views and opinions expressed here only represent the views of the author and do not necessarily reflect the views of Every investment and trading action involves risk, and you should conduct your own research when making a decision.