As the cryptocurrency market continues to gain momentum, several altcoins have reached new heights today.
GateToken (GT), EigenLayer (EIGEN), and Bitget Token (BGB) are among the standout performers, each experiencing significant price appreciation.
EigenLayer (EIGEN)
EigenLayer is an Ethereum-based protocol that allows its users who have staked ETH to “restake” it to secure other applications and services on the network. Its native token EIGEN climbed to a new all-time high of $5.65 during Tuesday’s early Asian session, making it one of the altcoins that recorded new highs today. It currently trades at $5.28, a 7% drop from the price peak.
An assessment of the EIGEN/USD one-day chart reveals that the uptrend has continued to strengthen. Its Aroon indicator confirms this with an Up Line value of 100%. This indicator measures the time since an asset’s price hit its highest or lowest point over a given period, typically 14 days, to identify trends and trend strength.
When the Aroon Up line is 100%, the asset has recently reached a new high within the selected period, signaling strong upward momentum. This bullish indication suggests that the asset is in a strong uptrend and buyers are in control.
EIGEN Price Analysis. Source: TradingView
If EIGEN buyers remain in control, they could propel its price towards its all-time high and beyond it. Conversely, a decline in bullish pressure may cause the token’s price to drop to $4.82.
GateToken (GT)
GateToken powers GateChain, a public blockchain that facilitates digital asset transfers. GT’s price rocketed to an all-time high of $13.94 today before witnessing a slight correction.
GT’s price surge is backed by actual demand for the altcoin, reflected in its rising Rising Strength Index (RSI), which is at 69.82 at press time.
The RSI indicator measures an asset’s overbought and oversold market conditions. It ranges from 0 to 100. Readings above 70 suggest the asset is overbought and may be due for a correction, while readings below 30 indicate oversold conditions, signaling a potential price rebound.
GT Price Analysis. Source: TradingView
With an RSI of 69.82, GT’s buying activity currently surpasses selling pressure among market participants. If this momentum persists, the altcoin could reclaim its all-time high of $13.94 and potentially push beyond it. On the other hand, if profit-taking activity commences, the coin’s price may dip to $11.98.
Bitget Token (BGB)
Bitget Token (BGB) is the native utility token of the Bitget cryptocurrency exchange. It is one of the altcoins that climbed to a new peak today. It recorded an 18% intra-day increase and hit an all-time high of $3.98. Over the past 24 hours, its trading volume has totaled $256 million, rocketing by 12%.
When an asset’s price rises alongside increasing trading volume, it indicates strong market interest and active participation. This suggests that the price growth is backed by actual buying pressure and not fueled by speculation.
BGB Price Analysis. Source: TradingView
If this bullish momentum persists, BGB may reclaim its all-time high. However, a surge in selling activity could push its value down to $3.16.
