Altcoins
Fantom leads altcoin rally; Near Protocol eyes $10 as GFOX meme coin pumps 30%
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The crypto market saw a strong recovery today after the IPC report that US inflation is now 3.4%. Bitcoin rose 7% to $66,000 on the news, while some altcoins, such as Fantom (FTM), rose almost 30%.
AI coins also reacted well to this news, with Near Protocol (NEAR), one of the leaders in the AI crypto sector, up 17% today. Meanwhile, some even low-cap meme coins also performed well, with Galaxy Fox (GFOX) prices rise by 33%. Let’s get into the details…
Fantom (FTM) Price Prediction
FTM price is trading around $0.81 after rising 26% today. Coinpedia job an analysis which highlights a robust bullish reversal for FTM. An impressive 26% increase in the last 24 hours marks a significant turnaround, highlighting strong buyer interest.
A substantial jump in Bitcoin overnight catalyzed a broader recovery in the altcoin sector, significantly benefiting Fantom. Current momentum suggests that FTM is on track to surpass the $1 mark.
An increase in trading volume supports the continued rise, indicating strong bullish conviction among traders. The RSI near the 70% line shows a dramatic increase in buying pressure and market enthusiasm. Crossing the 50-day EMA managed to avoid a potential deadly crossover, reinforcing the bullish outlook.
The price is challenging the 23.60% Fibonacci level at $0.8194, with eyes on further gains. If the momentum continues, FTM could not only break above $1, but could target the Fibonacci level of $1.618 to $1.85. The end of a consolidation phase paves the way for a new uptrend, which can lead to substantial price increases.
Near Protocol (NEAR) Leads AI Crypto Rally as Price Targets $10
NEAR price is trading around $8 after rising 17% today. Coinpedia job analysis indicating a notable jump of 14.70% overnight, reflecting strong market entry and bullish sentiment. The daily chart shows an ascending channel pattern, suggesting a stable and consistent uptrend for the coin.
The positive wave structure below $6 at current levels emphasizes sustained buying interest. A broader market recovery, aided by a surge in the price of Bitcoin, provides additional momentum.
Price is challenging the overhead resistance trendline, aiming to solidify gains above the $8 mark. A 126% increase in trading volume strengthens the likelihood of a breakout rally, underscoring strong market participation.
The RSI remaining above the midline with a slight uptick reflects increasing demand and a bull market for NEAR. A positive rise in the Directional Movement Index (DMI) and ADX indicates a strengthening of the uptrend.
Technical analysis suggests that reaching the 1.618 Fibonacci level at $16 is plausible, following potential stops at $10 and $12. While there is a strong case for a move higher, a pullback to retest $6.215 remains possible if momentum fades.
Galaxy Fox (GFOX) memecoin explodes 33%
Galaxy Fox meme coin launched on Uniswap and Dextools in April, but the price has seen some rises and retracements since then. Over the past 24 hours, this low-cap meme coin has responded well to positive market conditions and is up over 30%.
The current market cap is around $600,000, which is very low. The total supply of the GFOX token is 5 billion tokens.
This fixed maximum supply steadily declines over time due to the deflationary tokenomics of the token, promoting scarcity of circulating supply. The self-reported circulating supply is also 5 billion GFOX tokens, with the circulating supply being just over 1 billion tokens.
On May 12, they launched their web3 runner game, offering players the opportunity to earn GFOX tokens based on their performance in the game.
Players can compete to be in the top 20% and receive rewards that can be redeemed for GFOX tokens, creating a motivating reward system.
The game features unique NFT assets that players can purchase for temporary attribute upgrades, adding a strategic layer to gameplay. This involves piloting warplanes, collecting points, and engaging in enemy battles with the primary goal of accumulating enough points to secure a place on the leaderboard and rewards based on the player’s ranking.
This integration of a web3 game with a coin like Galaxy Fox offers a new perspective in the crypto gaming space, blending coin culture with a real gaming experience based on blockchain technology. Additionally, Galaxy Fox completed a successful crypto pre-sale ahead of its launch on Uniswap, raising over $6 million.
Conclusion
To summarize, Fantom (FTM) shows strong bullish momentum, with the potential to break above $1 and target the Fibonacci level of $1.618 to $1.85. Near Protocol (NEAR), a leader in the AI crypto space, is also seeing a significant uptrend, with technical analysis suggesting the possibility of reaching the 1.618 Fibonacci level at $16.
Meanwhile, small-cap memecoin Galaxy Fox (GFOX) saw a substantial 33% increase, thanks to the launch of its web3 runner game and the integration of a memecoin with a blockchain-based gaming experience.
To find out more about this project, visit the GalaxyFox presale site Or join the community
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