Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
The rapid price rise of Chainlink (LINK) over the last two months has abruptly ended. LINK was one of the worst affected coins in the latest market-wide correction, falling below a critical support level. On the other hand, Synthetix (SNX) and Galaxy Fox (GFOX) have been firm. While SNX surged to a new 600-day high, the GFOX presale has soared to new heights.
Chainlink falling
The price of Chainlink increased by more than 120% in two months.
LINK rallied above $17.2 from under $7 in October after the launch of Chainlink staking v0.2. However, LINK prices have been falling. Recently, it fell below the critical support level of $14 after trading over $17.2.
If selling pressure persists, the price of Chainlink could fall below the $11.80 support level.
Synthetix surges to 600-day high
Synthetix rallied by 30%, rising to $4.93, a 600-day high.
Prices have been edging higher after the platform ended staking inflation and implemented a deflationary mechanism together with a buyback-and-burn system.
Based on the latest price formation, the price of Synthetix could likely extend gains.
Galaxy Fox rising in presale
Galaxy Fox has raised over $900,000 in the ongoing presale.
It aims to fuse play-to-earn (P2E) gaming and meme culture. Galaxy Fox blends meme coins’ fun and community-driven aspects with the earning potential associated with games.
Players can participate in the Endless Runner P2E game to earn digital assets and GFOX, the platform’s native token.
Top performers, comprising the top 20% of gamers, receive additional rewards for their achievements.
Additionally, token holders can stake their GFOX to generate further income.
GFOX is up by over 70%, trading at $0.001122 in the ongoing presale. Analysts expect more gains after Galaxy Fox launches.
Final thoughts
While Chainlink struggles with the correction in the crypto market, Synthetix and Galaxy Fox remain bullish. In the ongoing presale, the demand for GFOX is rising.
Learn more about Galaxy Fox (GFOX) here:
Visit Galaxy Fox Presale | Join The Telegram Group | Follow Galaxy Fox on Twitter
Disclosure: This content is provided by a third party. crypto.news does not endorse any product mentioned on this page. Users must do their own research before taking any actions related to the company.
Source: https://crypto.news/link-falls-below-support-as-snx-pushes-ahead-presale-token-soaring/