Still in the recovery stage are Bitcoin and other altcoins following the massive dump resulting from previous anti-crypto actions from Elon musk, the Chinese government, and several others. We now analyze the current state of cryptocurrencies.
Major Updates
Altcoins are breaking out of the bubble while deteriorating buy volumes keep Bitcoin and Ethereum in a struggling against sturdy resistance.
On Wednesday, cryptocurrencies experienced a brief bullish rally, and it appears that Bitcoin had refused to break out. Flashing red flags of a crypto bubble is the Bitcoin market as the token attempted to cross over US$40,000. The token had lost its momentum at such a pressing time, and so, it stumbled down to trade at the supporting US$38,000 mark.
As for Ethereum, the token was well on its way to US$3000, but just like Bitcoin, the coin was met with stiff resistance. This resulted in a pullback that got the coin down to US$2800.
As for the altcoins, the major coin is Polygon (MATIC). Polygons have made a steep rebound earning a trade pattern similar to a V shape. This was followed by a huge bullish signal with the announcement of the launch of the SDK stack.
https://s3.cointelegraph.com/uploads/2021-05/a63af964-dfef-460c-b4d8-90e92e5518cf.png
MATIC has gained by 50% from its low of US$1.51. This then earned the coin an intraday high of US$2.44 on Wednesday. This is believed to result from the favorable market status, as reported by Cointelegraph.
If we take a look at MATIC using Cointelegraph’s VORTECS scores, we collect algorithmic data of comparisons of past and present market conditions assembled from recorded data, including trading volumes, price trends, social media activity, and market sentiment.
This color-coded score shows that MATIC has stayed within the green zone for the most part.
Other noteworthy coins that had performed well lately include Scale Network (SKL), which had recorded gains of 89%; next, we have the Enjin coin that went on up by 67%, and lastly is the Origin Protocol (OGN) which recorded up to 53% gains.
Do you think there is any hope for Bitcoin and Ethereum?
