Bonk’s seemingly unstoppable rally hit a snag recently, falling over 12% in the past 24 hours. The Solana-based memecoin has been on an absolute tear as of late, climbing by almost 420% in the past month alone. But sooner or later, the music must stop and the hangover will set in. The only question is whether this is just a momentary set-back before another leg up, or is the Bonk party over? Meanwhile, $BONK competitor Galaxy Fox ($GFOX) ’s party is just getting started as one of the top ICOs of 2023. So let’s take a closer look at both of these memecoins!
$BONK Technicals Show Weakness as $GFOX Looks Increasingly BuCllish
Heading over the daily chart on Bybit, $BONK is showing a classic bearish engulfing candle followed by a lower high – telltale signs of bullish exhaustion and a possible price retracement to the $0.0000719 level, which is a hefty 48% pull-back. The 4-hour chart also shows price falling below resistance, as it struggles to reclaim the $0.0000116 level. If it can reclaim that level, it’s possible that $BONK will continue to the upside. But weekly RSI is off the charts, putting the coin into way overbought territory.
Basically, what all that means is that jumping into $BONK at this moment is a very risky proposition. Meanwhile, new memecoin sensation, Galaxy Fox, has seen its presale explode, with a 2x in just one week. But considering that $GFOX is still in its early presale Stage 3, there’s far more room for growth and no risk of an impending price drop. On the contrary, $GFOX will soon see a scheduled price increase of nearly 20% in less than a month as its presale Stage 3 is nearly sold-out already.
Memecoin with a Mission
Galaxy Fox has been turning heads as this new ICO gem soars to $800,000 and is fast closing in on $1 million. Many analysts are calling it one of the top ICOs of 2023. This play-to-earn token has introduced straightforward passive income diverging from the classical P2E model. Instead of just the top players earning, all $GFOX holders can increase their crypto stack in this ecosystem.
Stargate, the protocol’s rewards hub, accrues 2% of all ecosystem transactions. The use of taxes instead of emissions means no dilution for early token holders, which is another reason why $GFOX is being shortlisted as one of the top ICOs of 2023.
Galaxy Fox’s final aim of becoming a widely adopted currency across DeFi, in conjunction with its impressive roadmap, has been a core factor drawing investors into the presale. One exciting approach expected to ignite long-tail growth is the protocol routing 2% of buy and sell taxes to fund community initiatives and marketing efforts.
It’s easy to see why investors are piling into the presale, and why it could shape up to be a major contender in both the memecoin and GameFi spaces.
Conclusion
Whether $BONK is just taking a breather or a more serious pull-back is hard to say. Given the current state of euphoria in the market, technical analysis has its limitations and enthusiasm can cause a coin to defy the traditional laws of gravity that would otherwise cool overheated rallies. But these are interesting times in the crypto market, and $BONK undoubtedly still has a few surprises left up its sleeve.
But what’s clear is that there is significant risk to the downside, and chasing runaway trains isn’t the most sound financial advice. So it’s probably best to take a “wait and see” attitude towards $BONK, instead of getting caught up in the FOMO. Meanwhile, $GFOX is looking just as impressive,and has significantly less risk given the early stages of its presale. It’s like buying $BONK back before its retail launch – something most investors are kicking themselves they didn’t do when they had the chance. But now you have that opportunity with $GFOX. So don’t miss out!
Learn more about $GFOX here:
Visit Galaxy Fox Presale | Join the Community
DISCLAIMER: CAPTAINALTCOIN DOES NOT ENDORSE INVESTING IN ANY PROJECT MENTIONED IN SPONSORED ARTICLES. EXERCISE CAUTION AND DO THOROUGH RESEARCH BEFORE INVESTING YOUR MONEY. CaptainAltcoin takes no responsibility for its accuracy or quality. This content was not written by CaptainAltcoin’s team. We strongly advise readers to do their own thorough research before interacting with any featured companies. The information provided is not financial or legal advice. Neither CaptainAltcoin nor any third party recommends buying or selling any financial products. Investing in crypto assets is high-risk; consider the potential for loss. Any investment decisions made based on this content are at the sole risk of the readCaptainAltcoin is not liable for any damages or losses from using or relying on this content.
