$BONK Price Indicates Further Upside Potential as This Low-Cap Meme Coin Aims to Leverage Ethereum ETF Approvals

$BONK Price Signals Potential Upside as Ethereum ETF Approvals Boost Market
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The price of $BONK, a meme coin, experienced a significant surge this week, with gains surpassing 35%. However, following the approval of Ethereum ETFs last night, the market underwent a correction phase, causing a 7% dip in $BONK’s price over the past 24 hours.
In this article, we will also explore Galaxy Fox ($GFOX), a low-cap meme coin based on the Ethereum network with a market capitalization of under $1 million. Galaxy Fox aims to take advantage of the potential market upswing resulting from the approval of Ethereum ETFs.
$BONK Price Prediction
At the time of writing, the price of $BONK is trading around $0.000032, with a market capitalization of approximately $2.1 billion. While this meme coin on the Solana network has seen a 35% surge this week, it has experienced a correction in the past few hours.
According to altFINS, the price is currently in an uptrend, breaking out from an ascending triangle pattern above the $0.000030 resistance level, which it has recently been rejected from twice. This breakout could indicate a continuation of the uptrend, with a potential upside target of $0.000037 (a 23% gain). The suggested stop-loss level is $0.000028.
The ascending triangle is considered a continuation pattern that typically breaks out in the direction of the existing trend. Swing traders may choose to trade between the trendlines, buying at support levels and selling at resistance levels as long as the trendlines remain reasonably far apart.
The short-term, medium-term, and long-term trends for $BONK are all strongly bullish. Additionally, the momentum is bullish, with the MACD line crossing above the MACD signal line. Currently, the price is neither overbought nor oversold based on the RSI-14 levels, which range between 30 and 70.
Support zones are located at $0.00002 and $0.000013, while resistance zones are identified at $0.000037 and $0.000046 (which would be a new all-time high for $BONK).
Considering the bullish patterns, strong uptrends across multiple timeframes, and favorable momentum indicators, the price forecast for $BONK suggests potential for further upside in the near term. This meme coin on the Solana network may be able to revisit its all-time high area in the coming days.
Galaxy Fox ($GFOX) – Can This Low-Cap Meme Coin Take Advantage of Ethereum ETF Approvals?
Moving on, the approval of Ethereum ETFs may potentially create an upward momentum for coins within the Ethereum ecosystem, and Galaxy Fox ($GFOX) is one project aiming to capitalize on this opportunity.
$GFOX had a successful presale earlier this year and subsequently launched on Uniswap and Dextools in April. Its current market cap is around $600k. On May 11th, the project launched its play-to-earn (P2E) game, which serves as its main feature.
At its core, Galaxy Fox offers a Web3 play-to-earn game where players can earn $GFOX tokens as rewards for playing and completing challenges. This gamification aspect aims to increase engagement and provide utility for the $GFOX token.
The game promises exciting adventures and captivating gameplay experiences within its cosmic universe, allowing players to embark on thrilling quests and missions while earning rewards.
Galaxy Fox utilizes a token burn mechanism that removes $GFOX tokens from circulation, potentially increasing the value of the remaining tokens over time. The total supply is capped at 5 billion tokens, with 70% allocated for the public sale.
Additionally, 10% of the tokens are reserved for competitions and prizes to incentivize community engagement, 10% goes towards developing the Galaxy Fox ecosystem, and 10% is distributed among the team and additional prizes. A 6% tax on buy/sell transactions is divided between the staking pool (2%), general fund (2%), and liquidity pool (2%), allowing for passive income through staking and ecosystem growth.
While Galaxy Fox’s play-to-earn model and token burn mechanism offer potential for value appreciation, it is important to exercise caution and conduct thorough research before investing in any cryptocurrency project, especially those with a relatively small market capitalization.
Conclusion
BONK, the meme coin sensation, has witnessed upward momentum, with its price surging by over 35% this week. Despite the recent market correction, the bullish technical indicators and favorable tokenomics of $BONK suggest potential for further upside in the near term.
Simultaneously, the low-cap meme coin Galaxy Fox ($GFOX) based on the Ethereum network is positioning itself to take advantage of the potential market upswing resulting from Ethereum ETF approvals.
With its play-to-earn game and token burn mechanism, $GFOX aims to increase engagement and provide utility for its token. However, investing in low-cap speculative projects carries inherent risks. Nevertheless, $GFOX appears to be one of the most intriguing projects of 2024.
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Please note that the above content is an advertorial article and is separate from the editorial content of Cryptonews.com.