The cryptocurrency market has had a less than stellar start to the year and it appears that the downtrend that began after the November 2021 market peak has been extended thanks to a multitude of negative developments, including the expectation of rising interest rates and the threat of a war between Russia and Ukraine.
While many traders have little appetite to risk capital during bearish conditions, contrarian investors looking to buy while “there is blood on the streets” have several viable options with data from Cointelegraph Markets Pro indicating that Bluzelle, a decentralized storage network for the creator economy, is one token with an increasingly positive outlook.
Top 3 on the VORTECS scoreboard. Source: Cointelegraph Markets Pro
According to data from Cointelegraph Markets Pro, market conditions for BLZ have been favorable for some time.
The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.
VORTECS™ Score (green) vs. BLZ price. Source: Cointelegraph Markets Pro
As seen in the chart above, the VORTECS™ Score for BLZ began has been on the rise since Feb. 19 and reached a high of 89 on Feb. 22 as its price hovered just below a major support and resistance zone at $0.17
Here’s a look at three factors backing the building momentum for BLZ.
The launch of Denomination
One of the main developments helping drive interest in BLZ has been the launch of Denomination, the first play-2-earn (P2E) game on the Bluzelle network.
With the #Denomination launch upnext, we’ll be releasing exciting updates from the Denomination Whitepaper every week to help you with:
Core Game Progression
— Bluzelle (@BluzelleHQ) January 17, 2022
Denomination is a real-time card battle game where gamers can fight against each other in player versus player (PvP) mode or against the…