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Cryptocurrency : Dent, VeChain and Cake Price Analysis Summary | Invezz

The cryptocurrency market is still supported; Bitcoin briefly surged above $ 40,000 for the first time in nearly six weeks, also supporting 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 CEO of Twitter, said he would integrate Bitcoin into Twitter products.

Overall, the cryptocurrency market is seeing a surge as major currencies are up 10% or more since the beginning of last week, investors are hoping Amazon can accept cryptocurrency payments soon and they don’t want to miss the bull. . to run.

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“If Amazon moved to Bitcoin, it would be the most significant adoption to date. These rumors tend to capture the hope of the market, but often there is no smoke without fire, and if I were Amazon, I would be looking to accept digital currencies, “said Charles Hayter, CEO and founder of CryptoCompare.

Dent (DENT) has stabilized above the $ 0.0020 support

The price of Dent (DENT) is advancing in recent days and for now, there are no signs of a trend reversal.

Data source: tradingview.com

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 hand, if the price falls below the $ 0.0020 support again, it would be a firm “sell” signal, and we have the way open towards the $ 0.0015 level.

VeChain could stabilize above the $ 0.10 resistance again

VeChain price has advanced from $ 0.056 above $ 0.089 since July 21, and the current price is 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 hand, if the price falls below the support of $ 0.060, it would be a strong “sell” signal, we have the way open towards $ 0.050 or even $ 0.040.

Cake (CAKE) could go even further, but the risk remains high

Cake (CAKE) advanced from $ 11.03 above $ 16 since last Wednesday, and the current price is around $ 14. Even so, if you decide to trade this cryptocurrency in August, you should be aware that the price could also weaken from current levels.

Data source: tradingview.com

If the price jumps above the $ 18 resistance, it would be a signal to trade Cake (CAKE), and the next price target could be around $ 20. The critical support level is around $ 12, and if the price breaks it, we have a clear path to $ 10.

Summary

The cryptocurrency market continues to be supported by 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 the $ 40,000 resistance, that will have a positive influence on the price of these cryptocurrencies.

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