The Cardano (ADA) price has been fluctuating this week, down around 2.5% to trade around $0.58. However, this minor pullback shouldn’t alarm ADA holders too much, considering some other major altcoins like AVAX, XRP, and SOL have dropped almost 10% in the same period.
In the meantime, Galaxy Fox continues its fairly decent presale where they have sold over 2.7 million GFOX tokens, demonstrating strong interest from investors. The meme coin raised over $3.5 million so far in its presale event.
Cardano (ADA) Price Action and Analysis
So as mentioned, ADA price did not change much in the last 7 days. In fact, the price is not far from its 2024 yearly high of around $0.63 set just a few days ago.
Analyzing the ADA/USDT chart, we can see that the price has been trading in a sideways (parallel) channel since December (blue lines on the chart) between $0.45 and $0.67 (December high and 2023 high).
This neutral price pattern indicates market indecision. Trend traders may want to wait for a definitive breakout in either direction before entering new positions, although typically breakouts occur in the direction of the prevailing trend. Swing traders can aim to trade the range by buying near support and selling near resistance.
The 200-day moving average is currently set at $0.39. For those unaware, the 200-day moving average is a widely-followed technical indicator that smoothes out price action to identify long-term trends. The fact that the ADA price remains comfortably above this level is considered a bullish sign by analysts.
Additionally, the RSI (Relative Strength Index) on the daily ADA chart presently reads 44. The RSI is a momentum oscillator that fluctuates between 0 and 100, with readings above 70 generally considered “overbought” and readings below 30 viewed as “oversold.” The current RSI suggests ADA still has room to rally before becoming overheated on shorter time frames.
As tweeted recently by popular crypto analyst Ali:
“The TD Sequential indicator shows a sell signal on the #Cardano 3-day chart. It’s important to note that the last two times this indicator signaled bearish, $ADA experienced a price correction!”
For context, the TD Sequential is a technical indicator that identifies overbought/oversold conditions to generate trading signals. Ali’s observation indicates ADA may be primed for a pullback after its latest surge, though only time will tell if this comes to fruition.
Speculating forward, if ADA can break out above short-term resistance around $0.65, its next major upside target comes into play around the $1.00 whole-number milestone. However, failure to hold support around $0.45 could open the door for a steeper correction.
The TD Sequential indicator shows a sell signal on the #Cardano 3-day chart. It’s important to note that the last two times this indicator signaled bearish, $ADA experienced a price correction!
If you’re planning to join me in this trade, go to @coinexcom, and sign up using my… pic.twitter.com/huu01fFcrL
— Ali (@ali_charts) February 23, 2024
Galaxy Fox (GFOX) Presale Progress
Transitioning focus now to meme coin Galaxy Fox, we can see this new project is currently in the ongoing presale event with over 2.7 million tokens sold so far, amounting to over $3.5 million raised. This strong demand highlights genuine interest from crypto investors seeking exposure to what could potentially be the next hot GameFi meme coin.
The current presale price for GFOX sits at $0.002178, with the next pricing stage set at $0.002376. There are presently 10 total stages, with the project currently being in stage 8.
Blending the hype-driven growth of meme coins with play-to-earn tokenomics, Galaxy Fox aims to foster an engaged community of adopters while offering multiple avenues for earning income. Galaxy Fox holders can earn yields through staking rewards, P2E gaming, NFT sales, and more according to its whitepaper. Therefore, GFOX combines the network effects of the burgeoning GameFi industry with the virality of the recovering meme coin vertical.
Galaxy Fox also incorporates NFTs to ensure participants can capitalize on the benefits of the NFT ecosystem as well. During the presale, 3,000 NFTs will be released and made available for minting on Galaxy Fox’s website. Investors can then trade these assets on OpenSea, introducing another channel for potential earnings.
Furthermore, 2% of every GFOX transaction will be directed to the Galaxy Fox Stargate Fund. This community wallet aims to incentivize engagement across social platforms to create sustained buzz around the GFOX token leading up to, and beyond, its eventual market debut.
Final Take
All in all, Cardano’s ADA underwent a minor pullback this week, the price action remains constructive overall. Speculation over Cardano founder Charles Hoskinson’s purported $100 million fund could also spur additional near-term upside for ADA if confirmed.
On the newer altcoin front, Galaxy Fox’s strong presale demand of over $3.5 million looks promising. With mechanisms to reward holders via staking, gaming, NFTs, and community initiatives, GFOX has assembled a diverse array of value drivers that could ignite substantial growth as this new meme coin spreads its wings upon launch.
Learn more about Galaxy Fox ($GFOX) here:
Visit Galaxy Fox Presale | Join The Telegram Group | Follow Galaxy Fox on Twitter
Read the full article here