The global cryptocurrency market has seen its value grow to $1.65 trillion, up by 1.23% from the previous week’s $1.63 trillion. It was a week that brought both ups and downs for different digital currencies. Moving forward, among the altcoins to watch this week are Galaxy Fox ($GFOX), Ripple ($XRP), Chainlink ($LINK), and Sui ($SUI). We will analyze their recent performances and discuss potential trends for the upcoming week.
$GFOX Moving to Presale Stage 8
Galaxy Fox has distinguished itself through its innovative combination of meme coin culture, GameFi, NFTs, and staking mechanisms. The project is designed to reward its community at every turn, whether through gaming, staking, or simply holding the tokens. Structured as a hyper-deflationary token, Galaxy Fox is engineered to reduce its supply over time, ensuring that demand—and potentially the value—of its token steadily increases.
Over the past week, $GFOX experienced a stable and positive trend. It saw a major sell-through in its 7th presale stage, with 97% of the tokens sold. At the start of last week, the ICO funds were around $3 million, which reached $3.2 million in the end and is expected to rise to $3.5 million this week. The anticipations are made according to the experts who expect $GFOX to transit to the presale stage 8 this week, which will push the price from the current $0.00198 to $0.002178.
The end of the Galaxy Fox presale is getting closer, so an uptick in investor influx is also expected this week. So far, nearly 2.6 billion tokens have been sold out of the 3.5 billion allocated for the presale. Given that only two presale stages remain, the window to buy $GFOX at a lower price and benefit from the planned price increases is narrowing. This scenario is likely to drive strong buying pressure for $GFOX, marking it as one of the essential altcoins to watch this week.
$XRP Likely to Lose Support at $0.5
Once one of the best altcoins to buy, Ripple’s $XRP hasn’t been giving investors much to cheer about lately, with the last week adding to the worry. The currency started with a slight gain of 2.11% on January 29, only to lose it all with a 4.57% drop the next day. This fall was amidst Ripple’s ongoing legal issues with the SEC, which demanded financial records from the company.
By the end of January, $XRP had fallen through key support levels, dipping to a three-month low of $0.4855. Despite a brief recovery, it closed the month down 18%. The drop was intensified by a surge in large $XRP transactions, hitting a yearly high and adding to the selling pressure.
Adding to Ripple’s woes was a hack affecting co-founder Chris Larsen, leading to a loss of $112.5 million in $XRP. This incident contributed to a further 5% decline in its value.
Looking ahead, the pressure on $XRP is expected to continue, with the token likely to breach the $0.5 support level, so if you’re watching the top 10 altcoins, be extra cautious with $XRP.
$LINK Could Reach $20
Last week, Chainlink saw a notable upturn in its trading pattern, successfully crossing the $17.7 threshold. This shift suggests that the balance has tipped in favour of buyers, who have managed to gain a stronger foothold against sellers. Despite this achievement, sellers have put up a formidable defense to prevent the price from climbing above $20.
The anticipation is that sellers will persist in their efforts to push the price back down below the recent breakout level. If they manage to do so, it could surprise buyers who might be overly optimistic, potentially triggering a drop towards the $16.1 mark, near the 50-day EMA.
On the flip side, if buyers can maintain the price above the $19-$20 range, it would solidify the breakout’s credibility. Currently, buyers are holding their ground at the breakout point, eyeing a move towards $22 should the resistance at $20 begin to wane. This coming week will be crucial for Chainlink as the tug-of-war between buyers and sellers intensifies, potentially setting the stage for the next price target.
$SUI Might Reclaim Its ATH
Sui experienced a noteworthy week, showing resilience with a strong start despite facing more losses than gains overall. The token surged by 17.19% on January 29, breaking past the crucial $1.5 mark. This momentum carried it to an eight-month peak of $1.65 the following day, a level last seen in May 2023.
Throughout the week, $SUI faced declines, dipping below the $1.5 and then the $1.4 support levels. Yet, a recent upturn has brought it back over $1.4, as it now aims to cross the $1.5 threshold again. Despite logging four down days this week, Sui has achieved a 13% rise, illustrating its potential for recovery and growth in the face of volatility.
Final Remarks
In a week where crypto showed its usual ups and downs, Galaxy Fox stands out for offering something solid. $GFOX seems to be gearing up to enter its 8th presale stage this week at a slightly higher price – a ripe moment for investors looking for reliable gains. So, if you want to benefit from the opportunity, keep $GFOX among your altcoins to watch and buy list.
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