Altcoin and DeFi tokens break their chains as Bitcoin price declines

Bitcoin (BTC) price managed to climb above the critical resistance level observed around $37,500, and Ether (ETH) price started trading at $2,800.

The rising price of both BTC and ETH has been accompanied by multiple altcoins. Double-digit gains were observed in some altcoin prices. Experts evaluate this bullish process as a bounce seen after oversold.

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

Among the altcoin options that saw the price rise, Dogecoin (DOGE) gained 28 percent with the announcement that it will be listed on Coinbase Pro and the support of Elon Musk on Twitter. DOGE price hit an intraday high at $0.4446.

VORTECS™ Points (green) and DOGE price. Source: Cointelegraph Markets Pro

DeFi projects attract a lot of attention

According to Cointelegraph Markets data, the price of the KNC token on the Kyber Network blockchain has been showing positive signals for a while.

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

As seen in the chart above, the VORTECS™ Score for KNC slipped into the green zone on May 31 and remained high for the next two days until reaching 74 on June 1, when its price started a 75% rally.

Another DeFi-focused project whose price action has been highlighted by Cointelegraph Markets is Kava, which has gained 36 percent in the last 24 hours and is currently trading at $4.68.

Comparison of VORTECS™ Score (green) and KAVA price. Source: Cointelegraph Markets Pro

As the chart above shows, KAVA has been on the rise for a while, achieving a solid green VORTECS™ score last week. The VORTECS™ Score for KAVA hit 75 on May 31, about 48 hours before starting a 45 percent price rally.

During the May 19 correction, $1.2 trillion in assets were lost from the cryptocurrency market. As the shock waves of the historic correction continue, a handful of DeFi tokens and altcoins are starting to show bullish signs.

This shows that cautious traders are slowly loosening their way back to the market in hopes that the second leg of the 2021 bull market can continue.

The views and comments expressed here are solely those of the author. It may not reflect the views of Cointelegraph. Every investment and trading involves risk. You should do your own research when making a decision.

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