The crypto market experienced a strong recovery today following a report that US inflation has dropped to 3.4%. Bitcoin surged by 7% to reach $66,000, while several altcoins, including Fantom (FTM), saw significant gains, with FTM rising nearly 30%.
AI-focused cryptocurrencies also performed well, with Near Protocol (NEAR) leading the charge by increasing 17% today. Additionally, low-cap meme coins like Galaxy Fox (GFOX) saw impressive gains, with GFOX jumping 33%. Here are the details…
Fantom (FTM) Price Prediction
FTM is currently trading at around $0.81 after a 26% increase today. According to an analysis by Coinpedia, this marks a robust bullish reversal for FTM. The significant 26% rise over the past 24 hours indicates strong buyer interest.
The recent surge in Bitcoin has sparked a broader recovery in the altcoin market, benefiting Fantom considerably. The current trend suggests that FTM is on track to surpass the $1 mark.
The increase in trading volume supports this upward movement, reflecting strong bullish sentiment among traders. The RSI approaching the 70% level indicates heightened buying pressure and market enthusiasm. Breaking above the 50-day EMA has averted a potential death cross, reinforcing the bullish outlook.
FTM is challenging the 23.60% Fibonacci level at $0.8194, with potential for further gains. If the momentum continues, FTM could not only break $1 but also aim for the $1.618 Fibonacci level at $1.85. The end of a consolidation phase suggests the beginning of a new bull run, potentially leading to substantial price increases.
Near Protocol (NEAR) Leads AI Crypto Rally, Targets $10
NEAR is trading at around $8 after a 17% increase today. Coinpedia’s analysis shows a notable 14.70% rise overnight, reflecting strong market entry and bullish sentiment. The daily chart displays a rising channel pattern, indicating a stable and consistent uptrend for NEAR.
The positive wave structure from under $6 to current levels highlights sustained buying interest. The broader market recovery, boosted by Bitcoin’s price surge, adds momentum to NEAR.
The price is testing the overhead resistance trendline, aiming to secure gains above the $8 level. A 126% increase in trading volume supports the likelihood of a breakout rally, demonstrating strong market participation.
The RSI staying above the midpoint and trending upwards indicates growing demand and a bullish market for NEAR. The Directional Movement Index (DMI) and ADX showing positive trends also point to a strengthening bull run.
Technical analysis suggests that reaching the 1.618 Fibonacci level at $16 is possible, with interim targets at $10 and $12. However, a fallback to retest $6.215 is possible if momentum decreases.
Galaxy Fox (GFOX) Meme Coin Explodes 33%
Galaxy Fox (GFOX), a meme coin launched on Uniswap and Dextools in April, has seen its price fluctuate since its debut. Over the last 24 hours, GFOX reacted positively to the market’s upbeat conditions, increasing by over 30%.
The current market cap of GFOX is around $600,000, which is relatively low. The total supply of GFOX tokens is 5 billion.
Summary Review: Today’s crypto market rally, spurred by a positive inflation report, has led to notable gains across various sectors. Bitcoin’s 7% surge to $66,000 has energized the altcoin market, with Fantom (FTM) seeing a 26% increase, suggesting strong bullish momentum that could push it past the $1 mark soon. Near Protocol (NEAR), a leader in AI-focused cryptocurrencies, rose by 17%, with technical indicators pointing towards further gains, potentially reaching $10 and beyond. Additionally, the meme coin Galaxy Fox (GFOX) jumped 33%, reflecting the market’s positive sentiment and renewed interest in low-cap assets. Overall, the crypto market’s recovery signals a bullish trend, with multiple coins showing strong potential for further growth.
Disclaimer: Remember that nothing in this article and everything under the responsibility of Web30 News should be interpreted as financial advice. The information provided is for entertainment and educational purposes only. Investing in cryptocurrency involves inherent risks and potential investors should be aware that capital is at risk and returns are never guaranteed. It is imperative that you conduct thorough research and consult with a qualified financial advisor before making any investment decision.
