Altcoins
Fantom Leads Altcoin Rally; Near Protocol Watches $10 As GFOX Meme Coin Pumps 30%
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Today the cryptocurrency market has seen a strong recovery the CPI report that US inflation is now at 3.4%. On the news, Bitcoin jumped 7% to $66,000, while some altcoins, such as Fantom (FTM), jumped nearly 30%.
AI coins also reacted well to this news, with Near Protocol (NEAR), one of the leaders in the AI cryptocurrency space, gaining 17% today. Meanwhile, some small-cap meme coins have also performed well, with Galactic Fox (GFOX) price increase of 33%. Let’s analyze the details…
Fantom (FTM) price prediction.
FTM price is trading around $0.81 after pumping 26% today. Coinpedia published an analysis that highlights a robust bullish reversal for FTM. An impressive 26% increase in the last 24 hours marks a significant turnaround, underlining strong buyer interest.
A substantial overnight jump in Bitcoin catalyzed a broader recovery in the altcoin sector, significantly benefiting Fantom. Current momentum suggests that FTM is on track to surpass the $1 mark.
A spike in trading volume supports the ongoing rally, indicating solid bullish belief among traders. The RSI near the 70% line shows a dramatic increase in buying pressure and market enthusiasm. The breakout of the 50-day EMA successfully avoided a potential death cross, strengthening the bullish outlook.
The price challenges 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 $1.618 Fibonacci level to $1.85. The end of a consolidation phase paves the way for a new bull run, which could lead to substantial price increases.
Near Protocol (NEAR) leads AI cryptocurrency rally as price nears $10
NEAR price is trading around $8 after pumping 17% today. Coinpedia published an analysis indicating a notable jump of 14.70% overnight, reflecting a strong entry into the market and bullish sentiment. The daily chart shows a rising channel pattern, suggesting a stable and consistent uptrend for the coin.
The positive wave structure from below $6 to current levels emphasizes sustained buying interest. A broader market recovery, aided by a surge in the price of Bitcoin, provides further momentum.
The price is challenging the general resistance trend line, aiming to consolidate gains above the $8 mark. A 126% increase in trading volume strengthens the likelihood of a breakout rally, underscoring solid market participation.
The RSI remaining above the midway line with an upward trend reflects growing demand and a bull market for NEAR. A positive rise in the Directional Movement Index (DMI) and ADX indicates a strengthening bull run.
Technical analysis suggests that reaching the 1.618 Fibonacci level at $16 is plausible, after potential stops at $10 and $12. While there is a strong case for an upside move, a fallback to retest $6.215 remains possible if momentum weakens.
Galaxy Fox (GFOX) Memecoin Explodes 33%
Galaxy Fox meme coin launched on Uniswap and Dextools in April, but since then the price has undergone some surges and retracements. Over the past 24 hours, this small-cap meme coin has responded well to positive market conditions and has gained 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 decreases over time due to the token’s deflationary tokenomics, promoting scarcity of circulating supply. The self-reported circulating supply is also 5 billion GFOX tokens, with the circulating supply slightly above 1 billion tokens.
On May 12th they launched their web3 runner game, offering players the opportunity to earn GFOX tokens based on their gaming performance.
Players can compete to be in the top 20% and receive rewards that can be exchanged GFOX tokens, creating a motivating reward system.
The game features unique NFT assets that players can purchase for temporary attribute boosts, adding a strategic layer to the gameplay. It involves flying warplanes, collecting points, and engaging in enemy battles with the main goal of accumulating enough points to secure a place on the leaderboard for rewards based on the player’s ranking.
This integration of a web3 game with a meme coin like Galaxy Fox offers a new perspective in the crypto gaming space, fusing meme coin culture with an authentic gaming experience powered by blockchain technology. Additionally, Galaxy Fox successfully conducted a pre-launch cryptocurrency presale on Uniswap, raising over $6 million.
Conclusion
To summarize, Fantom (FTM) is showing strong bullish momentum, with the potential to break above $1 and target the $1.618 Fibonacci level at $1.85. Near Protocol (NEAR), a leader in the AI cryptocurrency space, is also experiencing 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 notable rise of 33%, driven by 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 pre-sale site OR join the community
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