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The cryptocurrency market experienced a strong recovery today after the CPI report that US inflation is now at 3.4%. bitcoin rose 7% to $66,000 following 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 cryptocurrency sector, rising 17% today. Meanwhile, some small-cap meme coins also did well, with the price of Galaxy Fox (GFOX) rising 33%. Let's dig into the details…
Fantom (FTM) Price Prediction
FTM price is trading around $0.81 after rising 26% today. Coinpedia aware an analysis that highlights a solid bullish reversal for FTM. An impressive 26% increase in the last 24 hours marks a significant change, underscoring the strong interest from buyers.
A substantial overnight jump in bitcoin has catalyzed a broader rally in the altcoin sector, benefiting Fantom significantly. The current momentum suggests that FTM is on track to surpass the dollar milestone.
An increase in trading volume supports the current rise, indicating strong bullish conviction among traders. The RSI approaching the 70% line shows a dramatic increase in buying pressure and market enthusiasm. Breaking above the 50-day EMA has successfully avoided a potential death cross, reinforcing the bullish outlook.
The price is challenging the 23.60% Fibonacci level at $0.8194, eyeing further gains. If the momentum continues, FTM could not only surpass the $1 level, but could target the Fibonacci level of $1.618 and $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 crypto Rally as Price Targets $10
NEAR price is trading around $8 after rising 17% today. Coinpedia aware an 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 from below $6 to current levels emphasizes sustained buying interest. A broader market recovery, aided by a rise in the price of bitcoin, provides additional momentum.
The price is challenging the upper resistance trend line, aiming to solidify gains above the $8 mark. A 126% increase in trading volume reinforces the likelihood of a big rally, underscoring a solid market share.
The RSI remaining above the midline with a rebound reflects rising demand and a bullish market for NEAR. A positive rally in the Directional Movement Index (DMI) and the ADX points to a strengthening of the bull market.
Technical analysis suggests that reaching the 1.618 Fibonacci level at $16 is plausible, following possible stops at $10 and $12. While there are strong arguments for a bullish move, a pullback to retest $6,215 remains possible if momentum wanes.
Galaxy Fox (GFOX) memecoin explodes 33%
Galaxy Fox meme coin launched on Uniswap and Dextools in April, but the price has seen some ups and downs since then. In the last 24 hours, this small cap meme coin reacted well to the positive market conditions and rose over 30%.
The current market capitalization 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 deflationary tokenomics of the token, which encourages scarcity in the circulating supply. The self-reported circulating supply is also 5 billion GFOX tokens, with the circulating supply slightly higher than 1 billion tokens.
On May 12, they launched their web3 runner game, which offers 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 rewards system.
The game features unique nft assets that players can purchase to temporarily increase attributes, adding a strategic layer to the game. It involves piloting warplanes, collecting points, and engaging in enemy battles with the primary goal of accumulating enough points to secure a spot on the leaderboard to earn 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, combining meme coin culture with a genuine gaming experience based on blockchain technology. Additionally, Galaxy Fox had a successful cryptocurrency pre-sale prior to its launch on Uniswap, raising over $6 million.
Conclusion
In summary, Fantom (FTM) is showing strong bullish momentum, with the potential to surpass the dollar and target the $1.618 Fibonacci level at $1.85. Near Protocol (NEAR), a leader in the ai crypto sector, is also experiencing a major uptrend, and technical analysis suggests the possibility of reaching the $1.618 Fibonacci level at $16.
Meanwhile, small-cap memecoin Galaxy Fox (GFOX) saw a substantial 33% surge, driven by the launch of its web3 broker game and the integration of a memecoin with a blockchain-based gaming experience.
To learn more about this project, visit the GalaxyFox pre-sale website either Join the community
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