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The crypto market saw a strong recovery today following the CPI report indicating that US inflation is now at 3.4%. Bitcoin surged 7% to $66k on the news, while some altcoins, such as Fantom (FTM), rose by almost 30%. AI coins also reacted positively, with Near Protocol (NEAR), a prominent player in the AI crypto sector, increasing by 17%. Meanwhile, some low-cap meme coins also performed well, with Galaxy Fox (GFOX) price rising by 33%. Let’s delve into the details.
Fantom (FTM) Price Prediction
FTM is currently trading around $0.81 after a 26% increase today. An analysis highlights a robust bullish reversal for FTM. The 26% increase in the last 24 hours marks a significant turnaround, indicating strong buyer interest.
A substantial overnight jump in Bitcoin has catalyzed a broader altcoin sector recovery, benefiting Fantom significantly. The current momentum suggests that FTM is on its way to surpassing the $1 milestone.
A spike in trading volume supports the ongoing surge, indicating solid bullish conviction among traders. The RSI nearing the 70% line showcases a dramatic increase in buying pressure and market enthusiasm. Breaking above the 50-day EMA has successfully averted a potential death cross, reinforcing the bullish outlook.
The price challenges the 23.60% Fibonacci level at $0.8194, with eyes set on further gains. If momentum continues, FTM could not only breach $1 but could aim for the $1.618 Fibonacci level at $1.85. The end of a consolidation phase paves the way for a new bull run, potentially leading to substantial price increases.
Near Protocol (NEAR) Leads AI Crypto Rally
NEAR is trading around $8 after a 17% increase today. An analysis indicates a notable 14.70% jump overnight, reflecting strong market entry 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 under $6 to current levels emphasizes sustained buying interest. A broader market recovery, aided by a spike in Bitcoin’s price, provides additional momentum.
The price is challenging the overhead resistance trendline, aiming to solidify gains above the $8 mark. A 126% increase in trading volume bolsters the likelihood of a breakout rally, underscoring robust market participation.
The RSI remaining above the halfway line with an uptick reflects increasing demand and a bullish market for NEAR. A positive uptick in the Directional Movement Index (DMI) and ADX points to a strengthening bull run.
Technical analysis suggests that hitting the 1.618 Fibonacci level at $16 is plausible, following potential stops at $10 and $12. While there’s a strong case for upward movement, a fallback to retest $6.215 remains possible if momentum wanes.
Galaxy Fox (GFOX) Memecoin Explodes 33%
Galaxy Fox meme coin launched on Uniswap in April, and the price has experienced some pumps and retracements since then. In the last 24 hours, this low-cap meme coin reacted well to positive market conditions and pumped over 30%.
The current market cap is around $600k, which is very low. The total supply of the GFOX token is 5 billion tokens.
This fixed max supply steadily diminishes over time due to the token’s deflationary tokenomics, fostering scarcity in the 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 in-game performance. Players can compete to be in the top 20% and receive rewards that can be exchanged for 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 piloting war aircraft, collecting points, and engaging in enemy battles with the primary objective of amassing enough points to secure a spot 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 fresh perspective in the crypto gaming space, blending meme coin culture with a genuine gaming experience based on blockchain technology. Additionally, Galaxy Fox had a successful crypto presale before launching on Uniswap, raising over $6 million.
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