Large drawdowns are part of the game in the crypto world, and every bull market typically sees several harsh retracements of 20% or more. Overleveraged traders get wiped out, and everybody flips bearish. Then, suddenly, there’s a recovery. After a months-long run-up to the ETF approval, a drawdown, in retrospect, was inevitable.
However, after a great deal of carnage and precipitously falling red candles, Dogecoin (DOGE), Solana (SOL), and Bitcoin (BTC) targets are now in sight, and presales have proven resilient with Galaxy Fox (GFOX), a new ICO eyeing $3 million in funding.
Most of the cryptocurrencies are down by double-digits, and altcoins have taken the biggest hit. But even TradFi investors realized long ago that the most profitable buy orders are those made when everyone else is afraid, going all the way back to the 18th-century quote from Baron Rothschild, “The time to buy is when there’s blood in the streets.”
Dogecoin (DOGE), Solana (SOL), and Bitcoin (BTC) Approaching Buy Zone
Euphoria filled the timeline, and everyone expected up-only post-ETF. The drawdown has been sobering, with Bitcoin even losing the psychologically important level of $40,000, albeit briefly. Almost all major altcoins are down double digits over the last seven days.
Many analysts have stated that Bitcoin at $38,000 might be a good opportunity, and if it touches $35,000, that would be an even better entry. Dogecoin is closing in on $0.08, a strong support level, and an area with large volume waiting in the order books. Solana has also declined, providing food for thought for many who may have been considering an entry.
The weakness in the top ten cryptocurrencies highlights how rapidly market sentiment can change. Despite stocks being at highs, cryptos are lagging behind, and many forget that monetary conditions remain relatively harsh.
Galaxy Fox (GFOX) Closing In On $3 Million
Galaxy Fox is a new ICO project posting impressive funding and already closing in on $3 million. Participation in presales is on an upward trajectory as investors bet on tokens performing better later in the year and seek shelter from short-term volatility.
This P2E project incorporates elements from the memecoin genre, and the growing narrative around GameFi projects becoming a trojan horse for blockchain adoption gives Galaxy Fox a nice tailwind. It boasts a well-thought-out economic model with a taxation system funding various ecosystem functions such as staking rewards, Treasury, and the liquidity pool.
It will follow a Fair Launch, and distributed ownership is an excellent quality for small caps, ensuring no large insider wallets dumping. The lack of inflationary emissions to pay stakers allows GFOX’s total supply to be deflationary while paying out yield.
Galaxy Fox’s meme-friendly aesthetic and cosmic design position it in the memecoin space, and this unique market straddling between P2E and memecoin is an exciting dynamic.
Significant drawdowns for cryptocurrencies are nothing new but still painful, especially for anybody who is overleveraged. Spotting the projects that recover fastest is a window into the future, and a desire to avoid short-term volatility explains the increase in ICO funding.
Nobody knows precisely how the market will move, but buying during periods of downturn has historically aided investors in outperforming others. Likewise, ICOs have also performed well in bull-market years, and Galaxy Fox could be a an interesting one to watch.
Learn more about $GFOX here:
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