Altcoins bag double-digit gains as Bitcoin price approaches $37,000
Cryptocurrency prices surged on June 29 as Bitcoin (BTC) price pushed through the $35,000 resistance level and lifted the total market cap by $93 billion, with $50 billion of that total flooding into altcoins.
Bitcoin put on a 7% gain on the day to climb back above $36,000 and leading traders to expect a rally to the $38,000 to $41,000 level if (BTC) can flip the $35,000 level into support.
As the market turned green, data from Cointelegraph Markets Pro tracked notable bullish developments in a number of select altcoins including Polygon (MATIC), SushiSwap (SUSHI) and PancakeSwap (CAKE).
Polygon (MATIC)
The first coin that has been gaining traction lately is Polygon (MATIC), an Ethereum (ETH) network layer-two solution, whose price has increased 35% since its swing low price of $0.93 on June 22 as BTC crashed below $29,000.
VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for MATIC on June 27, prior to the recent price rise.
As seen on the chart above, the VORTECS™ Score for MATIC hit 80 and turned green on June 27 just as the price of MATIC began to rally 21% from $1.03 to $1.25 over the next 48-hours.
The NewsQuake™ alert system caught the news of MATIC being listed at OKEx on June 28 and this was followed by a rise in the VORTECS™ Score to a high of 91 and a price rally of 10% on June 29.
SushiSwap (SUSHI)
SushiSwap (SUSHI) was also identified as a strong mover by Cointelegraph Markets Pro after the asset’s VORTECS™ Score turned bullish.
As seen in the chart above, market conditions for SUSHI have been favorable for some time with its VORTECS™ Score turning dark green and registering a score of 80 on June 27, just four hours before the price increased 30% from $6.47 to $8.45 over the next two days. SUSHI’s price is now up 42% from its swing-low price of $3.96, which occurred on June 22.
PancakeSwap (CAKE)
Data from Cointelegraph Markets Pro also signaled a bullish VORTECS™ Score for PancakeSwap (CAKE), a Binance Smart Chain-based automated market maker and decentralized exchange.
As seen on the chart above, the VORTECS™ Score for CAKE has been in the green for the majority of the past week, with a score of 72 registering on June 27, roughly five hours before its price began to rally 21% from $11.83 to $14.44 over the next two days. CAKE’s price is now up 50% from its swing-low price of $9.64, which also occurred on June 22.
Bitcoin breaks above $36,000
The strength seen across the altcoin market the past two days is in large part thanks to the strong performance of Bitcoin, which finally pushed above the $35,000 resistance and currently trades at $36,400.
Data from Cointelegraph Markets Pro and TradingView shows that after trading in a range between $35,300 and $33,850 on Monday, the price of Bitcoin climbed 6.65% on Tuesday from a low of $34,200 to an intraday high at $36,509.
Traders have now set their sights on the $41,000 resistance level as the next obstacle to overcome in the short term.
#BTC (4h)
Our first GREEN BAR printed!
(Breakdown): Move started with a Confirmed Topping signal with Bearish RSI divs. That brought us down to a Confirmed Bullish Reversal with Bullish RSI divs & Bullish RSI momentum. Finally we have gotten a green bar.
Next resistance $41k! pic.twitter.com/3vAoE4I9TQ
— John Wick (@ZeroHedge_) June 29, 2021
The overall cryptocurrency market cap now stands at $1.48 trillion and Bitcoin’s dominance rate is 46.1%.
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