The cryptocurrency market remains supported; Bitcoin briefly surged above $40,000 for the first time in nearly six weeks, which also supports the price of Dent (DENT), VeChain VET/USD, and Cake (CAKE). The positive news is that Amazon could start accepting Bitcoin for payments this year while Jack Dorsey, the current Chief Executive Officer of Twitter, said he would integrate Bitcoin into Twitter’s products.
Overall, the cryptocurrency market is seeing a spike as major coins are up by 10% or more since the beginning of the last week, investors are expecting that Amazon could accept cryptocurrency payments soon, and they don’t want to miss out on the bull run.
“If Amazon were to move into Bitcoin, it would be the most significant adoption to date. These rumors do tend to catch the market’s hopefulness, but often there is no smoke without fire, and If I was Amazon, I would be looking at accepting digital currencies,” said Charles Hayter, the chief executive and founder of CryptoCompare.
Dent (DENT) has stabilized above $0.0020 supportDent’s (DENT) price is advancing last several days, and for now, there is no sign of the trend reversal.
Data source: tradingview.com The critical support levels are $0.0020 and $0.0010; $0.0040 and $0.0050 represent the resistance levels. If the price jumps above $0.0040, it would be a signal to buy Dent (DENT), and the next target could be around $0.0050 or even above.
On the other side, if the price falls below $0.0020 support again, it would be a firm “sell” signal, and we have the open way to the $0.0015 level.
VeChain could stabilize again above the $0.10 resistanceVeChain price has advanced from $0.056 above $0.089 since 21st July, and the current price stands around $0.083.
Data source: tradingview.com If the price jumps above $0.10, it would be a signal to buy VeChain, and the next price target could be around $0.12. On the other side, if the price falls below $0.060 support, it would be a firm “sell” signal we have the open way to $0.050 or even $0.040.
Cake (CAKE) could advance even more, but the risk remains highCake (CAKE) advanced from $11.03 above $16 since last Wednesday, and the current price stands around $14. Still, if you decide to trade this cryptocurrency in August, you should consider that the price could also weaken from the current price levels.
Data source: tradingview.com If the price jumps above $18 resistance, it would be a signal to trade Cake (CAKE), and the next price target could be around $20. The critical support level stands around $12, and if the price breaks it, we have the open way to $10.
SummaryThe cryptocurrency market remains supported by the rumors that Amazon could start accepting Bitcoin for payments this year. Dent, VeChain, and Cake are in correlation with Bitcoin, and if Bitcoin stabilizes above $40000 resistance, that will have a positive influence on the price of these cryptocurrencies.
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