The altcoin market is facing high volatility as the year ends. While Bitcoin’s drop below $100,000 has raised doubts among some investors, some altcoin projects have managed to reach new all-time highs (ATH). The latest developments and technical analyses in the altcoin market are as follows…
Bitget Token (BGB)
BGB has recorded a new ATH of $5.39, up 25% in the last 24 hours. This strong rally has made the altcoin one of the leaders in the spotlight among investors. BGB’s strong momentum in the current market conditions suggests that it has the potential for further gains.
The support level above $4.12 is a critical point for BGB to continue its uptrend. According to analysts, maintaining this level will allow the altcoin to reach new highs. However, if the price drops below $4.12, BGB’s value could drop to $3.06, which could negatively impact investor confidence.
GateToken (GT)
GT continued its bullish trend by reaching a new ATH of $14.24. This increase was driven by strong support at $13.45. Market conditions also helped fuel this momentum.
For GT to continue its rise, it is crucial that it maintains the support above $13.45. If this support level holds, GT has the potential to rise to $15.00. However, if it falls below this level, the price risks falling to $12.85 or lower. This scenario could invalidate current positive expectations and increase market volatility risks.
ai16z (AI16Z)
AI16Z has made a remarkable rise, gaining 46% in the last 24 hours. The altcoin saw a new intraday ATH of $0.976, then settled at $0.897. This rise indicates renewed investor interest and is a significant breakthrough for the altcoin.
AI16Z made a strong breakout above the $0.832 level, which has been a resistance for nearly two weeks. This has positively changed the market sentiment and supported future bullish momentum. However, if AI16Z fails to stay above the $0.832 level, the price could drop to $0.571. This could invalidate the current positive expectations and negatively impact investors.
The Situation for Ethereum (ETH)
The main support level for Ethereum is around $3,000, while the important resistance level stands out as $3,700. Whales on Binance increased the selling pressure on the ETH price, causing a local bottom to form. In addition, $130.76 million was inflowed into spot Ethereum ETFs. This increase, which came with low transaction volumes, indicates a significant increase in investor interest. If this investment flow is sustainable, it is predicted that Ethereum may recover from the local bottom.