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What Bear Market? Investors Are Already Up 60% On Gnox (GNOX), Beating Out Solana (SOL) And Fantom (FTM)

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What Bear Market? Investors Are Already Up 60% On Gnox (GNOX), Beating Out Solana (SOL) And Fantom (FTM)

Despite Bitcoin tanking and dragging the rest of the market with it, Gnox has climbed by 60%, leaving many investors wondering how this new protocol has managed to perform so well in current market conditions.

Gnox (GNOX)

Gnox is a unique type of reflection token currently in the presale phase. The project plans to change the way investors participate in DeFi, bringing it to a broader audience and streamlining the process into a single investment vehicle. Investors will be exposed to DeFi yield-generating opportunities through the protocol’s treasury-funded via buy and sell taxes- which is deployed in DeFi protocols. These generated yields are then swapped to stablecoin and reflected to GNOX holders.

Crypto analysts have claimed that a protocol which generates passive income in stablecoins during a bear market is a desirable prospect. Still, the treasury’s growth-focused nature is even more attractive due to the principal never being touched, only the generated yields.

The team at Gnox surprised everyone by announcing a huge token burn following the closure of the primary presale phase and that another token burning event would take place at the end of each stage. Who knows where the ceiling is for this new reflection token, but many suspect the only way is up.

Solana (SOL)

SOL has been feeling the bear market more than most. The native token of the Solana blockchain, SOL demonstrated one of the most legendary runs seen by any crypto throughout 2021 and continued to put in higher highs shattering all resistance. However, what goes up must come down, and SOL has seen a brutal retracement of nearly 90% from its ATH (All-Time High) of $260 in November 2021.

Commonly referred to as ‘The Ethereum Killer’, the Solana network was designed to address the issue of scalability and processes on average 2,700 TPS (transactions per second). It features a rich ecosystem of Dapps (decentralised applications), and since the release of the Neon EVM there is now a compatibility layer between Solana and Ethereum. However, investors are curious as to whether SOL will rally again and whether it will be able to put in a repeat performance of 2021?

Fantom (FTM)

FTM, famously not listed on Coinbase (NASDAQ:COIN) due to its volatility, is another coin feeling the brunt of the prevailing market conditions. Currently trading at $0.25, down from its ATH (All-Time High) of $3.40 in October 2021, FTM has a lot of work to do to make up lost ground. Highlighting Fantom’s volatility perfectly is its price action from late October to early January, where it hit an ATH, dropped by more than 65%, and then rallied forcefully again up to $3.30 within eleven weeks.

The Fantom Opera (NASDAQ:OPRA) network has rapidly become an integral player in the DeFi space due to its rapid and low-cost transactions. And still, despite its current price has a TVL (Total Value Locked) north of one billion dollars locked in smart contracts on the network. But investors want to know whether FTM will rise from the ashes or will it just become another forgotten and failed ‘Ethereum Killer’?

Find out more about Gnox by visiting the official website, Telegram, Discord or Twitter (NYSE:TWTR). Learn more about the presale by clicking here.

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Cryptocurrency

Dogecoin price could rally 20% in July with this bullish reversal pattern

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Dogecoin price could rally 20% in July with this bullish reversal pattern

Dogecoin (DOGE) looks ready to extend its rebound move despite the current crypto bear market.

DOGE’s price appears to have been painting a bump-and-run-reversal (BARR) bottom since May 11, a technical pattern that points to extended trend reversals in a bear market. It consists of three successful phases: Lead-In, Bump and Run.

DOGE/USD daily price chart featuring ‘BARR bottom’ pattern. Source: TradingView
DOGE/USD weekly price chart featuring 50-week EMA. Source: TradingView
DOGE/USD four-hour price chart featuring ‘rising wedge’ setup. Source: TradingView

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Cryptocurrency

3 charts showing this Bitcoin price drop is unlike summer 2021

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3 charts showing this Bitcoin price drop is unlike summer 2021

Bitcoin (BTC) bear markets come in many shapes and sizes, but this one has given many reason to panic.

BTC has been described as facing “a bear of historic proportions” in 2022, but just one year ago, a similar feeling of doom swept crypto markets as Bitcoin saw a 50% drawdown in weeks.

Bitcoin estimated hash rate chart (screenshot). Source: MiningPoolStats
Bitcoin active addresses chart. Source: CryptoQuant
Bitcoin exchange reserves chart. Source: CryptoQuant

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FTM Begins to Retest Previous Highs As Correction May Be Over

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FTM Begins to Retest Previous Highs As Correction May Be Over

  • Fantom (FTM) seems to be retesting previous highs.
  • FTM is currently down 1.97% and is trading at $0.2845.
  • FTM could look to target $0.3501 should the mini upwards move continue for FTM.

Fantom (FTM) seems to be “retesting previous highs”, according to Michael van de Poppe. This comes as there has been a mini relief rally in the crypto market.

This does not necessarily mean that FTM has established its bottom yet, so traders should still tread with caution.

Fantom / TetherUS 2h (Source: Binance).

At the moment, FTM is one of the top 100 cryptos on CoinMarketCap’s list of most valuable cryptocurrencies in terms of market cap. FTM occupies the 59th position and this places FTM behind The Graph (GRT) in the 58th position and in front of Quant (QNT) in the 60th position.

FTM is currently down 1.97% and is trading at $0.2845 after reaching a high of $0.2947 over the last day. This price translates to about 0.00001361 BTC and 0.0002356 ETH. Things look a bit better for FTM over the larger time frames as the crypto saw a 7.89% increase in price over the last seven days.

FTM now has a market cap that stands at $722,730,787 and when looking at FTM’s 24-hour trading volume, the crypto stands at $166,580,326. This number is down 12.82% over the last day.

Fantom / TetherUS 1W (Source: CoinMarketCap)

When looking at the weekly chart for FTM/USDT, the last two weeks have closed with the FTM price higher than it was at the beginning of the week. It now looks like the current week will also end on a positive note. FTM can now look to target $0.3501 should the mini upwards move continue for FTM. This is a key level because it is also the last price that FTM fell from on the weekly chart.

Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.

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