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- Polygon (MATIC), an Ethereum (ETH) network layer-two solution price, has surged by 35%
- SUSHI’s price hovered around $3.96, representing a growth of 42%.
- PancakeSwap (CAKE) ) price rose from 11.83 to $14.44, a surge of 21%
Finally, some good news for the Cryptocurrency segment as Altcoins bagged double-digit gains and Bitcoin(BTC) pushed above the $35,000 resistance level. The total market cap surged by 93 billion, with $50 billion of that total surge into altcoins.
As the market turned green from red for the first time, bullish developments have been seen in several altcoins, which included Polygon (MATIC), SushiSwap (SUSHI), and PancakeSwap (CAKE). Bitcoin made a gain of 7% and climbed to $36,000. Leading investors feel that if Bitcoin can breach the $35,000 level and reach support levels, it could rally by $38,000 to $41,000.
Polygon (MATIC)
The latest bullish trends in altcoins have been heralded by Polygon (MATIC), an Ethereum (ETH) network layer-two solution. The coin has been gaining strength lately, and its price has surged by 35% since its crash to a low of $0.93 on June 22 as BTC crashed below $29,000.
VORTEX data first detected the bullish trend for Matic on June 27 before the price surge. Soon after, the price of Polygon (MATIC) began to surge from $1.03 to $1.25 over the next 48-hours, a rise of 21%. The chart above shows that the VORTECScore for MATIC touched 80 and turned green on June 27. Again the MATIC was listed at OKEx on June 28, and the VORTECScore touched a high of 91 and a price rally of 10% on June 29.
SushiSwap (SUSHI)
SushiSwap (SUSHI) is another coin that is moving strongly, and its VORTECS™ Score turned bullish. The graph above reveals that SUSHI prices have been buoyant because of favorable market conditions. The VORTECS™ Score turned green for SUSHI and registered a score of 80 on June 27. In the following 4 hours, prices surged from $6.47 to $8.45 the next two days, a growth of 30%. Today SUSHI’s price hovered around $3.96, representing a growth of 42%. Its low swing price occurred on June 22.
PancakeSwap (CAKE)
PancakeSwap (CAKE) ), a Binance Smart Chain-based automated market maker and decentralized exchange is also in a bullish phase and shows a bullish VORTECS™ Score.
As is evident from the chart above, the Binance Smart Chain-based exchange has been showing green for most of the past week. It registered a score of 72 on June 27, roughly five hours before its price began to surge. Its price rose from 11.83 to $14.44 over the next two days. It showed a surge of 21%. 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
BTC/USDT 4-hour chart. Source: TradingView
The surge in the prices of the Altcoins segment in the last two days can be attributed largely to the strong performance exhibited by Bitcoin. Bitcoin has finally breached the $35,000 resistance level and is currently trading at $36,400. Data reveals that Bitcoin has been trading between $35,300 and $33,850 on Monday. The number one crypto improved its performance and climbed 6.65% on Tuesday from a low of $34,200 to an intraday high at $36,509. Traders are now betting BTC to clear the next resistance level placed tentatively at $41,000
Next resistance $41k! pic.twitter.com/3vAoE4I9TQ
— John Wick (@ZeroHedge_) June 29, 2021
Cryptocurrency market capital is $1.48 trillion, and Bitcoin’s dominance rate is 46.1%.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
