Exhausted crypto traders woke up on May 2 after the green market march, when the bulls managed to sell Bitcoin (BTC) behind the crucial $ 37,500 “sand resistance line” while Ether (ETH) traded short at $ 2,800. …
The price of both BTC and ETH has been accompanied by double-digit gains in several altcoins, leading some to speculate that the market is currently experiencing an oversold spike after the recent downturn.
Data on prices, Twitter and trading volume. Source: Cointelegraph Markets Pro
The group leader for this latest rally is again Dogecoin (DOGE), which surged 28% to an intraday high of $ 0.4446 following the Coinbase Pro token listing June 1 and Elon Musk’s renewed Twitter campaign.
Cointelegraph Markets Pro data began to show an uptrend for DOGE on May 31, prior to the recent price hike and ahead of Coinbase Pro’s announcement.
The VORTECS score, excluding Cointelegraph, is an algorithmic comparison of historical and current market conditions taken from a number of data points, including market sentiment, trading volume, recent price movements, and Twitter activity.
VORTECS ™ glasses (green) vs. DOGE prize. Source: Cointelegraph Markets Pro
As shown in the chart above, the DOGE VORTECS result began registering in the green on May 31 and peaked at 74 on June 1, just 14 hours before the system registered the DOGE NewsQuake listing on Coinbase Pro, with a subsequent 45% increase. …
DeFi projects take control
Cointelegraph Markets Pro data for Kyber Networks KNC token shows that market conditions for the project have been favorable for some time.
VORTECS ™ result (green) compared to KNC price. Source: Cointelegraph Markets Pro
As shown in the chart above, the KNC VORTECS result turned green on May 31 and remained high for the next two days before reaching 74 on June 1, when the price began to rise 75%.
Another DeFi-focused project that was spotted by Cointelegraph Markets Pro prior to the recent price action is Kava, which has risen 36% in the last 24 hours and is currently trading at $ 4.68.
VORTECS ™ glasses (green) vs. KAVA prize. Source: Cointelegraph Markets Pro
As you can see from the graph above, KAVA conditions have been improving for some time, as evidenced by the continuous green VORTECS ™ result over the past week. On May 31, approximately 48 hours before the start of the 45% price increase, VORTECS reached 75% of working hours for the result for KAVA.
The May 19 correction devalued the cryptocurrency market by $ 1.2 trillion, and while shock waves from the historical correction are still reflected in the market, several DeFi tokens and altcoins are starting to show signs of bullish momentum.
This indicates that cautious traders are gradually leaving the market in the hope that the second phase of the 2021 beef market has already begun.