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 standouts, each experiencing significant price appreciation.
OwnLayer (OWN)
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 rose to a new all-time high of $5.65 during the Asian session on Tuesday (17), becoming one of the altcoins that recorded new highs today (17). It is currently trading at $5.28, down 7% from its peak price.
An analysis of the EIGEN/US$ daily chart reveals that the uptrend continues to strengthen. Its Aroon indicator confirms this with a Bullish Line value of 100%. This indicator measures the time since an asset’s price reached its highest or lowest point in a given period, usually 14 days, to identify trends and trend strength.
When the Aroon Up line is at 100%, the asset has recently reached a new high within the selected timeframe, 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 push its price towards the all-time high and beyond. On the other hand, a decrease in buying pressure could see the token’s price drop to $4.82.
GateToken (GT)
Gatetoken powers GateChain, a public blockchain that facilitates digital asset transfers. The price of GT soared to an all-time high of $13.94 today before correcting slightly.
GT’s price surge is supported by real demand for the altcoin, reflected in its rising Relative Strength Index (RSI), which stands 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 that the asset is overbought and may be due for a correction, while readings below 30 indicate oversold conditions, signaling a potential price recovery.
GT Price Analysis. Source: TradingView
With an RSI of 69.82, GT’s buying activity is currently outweighing selling pressure among market participants. If this momentum continues, the altcoin could reclaim its all-time high of $13.94 and potentially surpass it. On the other hand, if profit-taking activity begins, the coin’s price could drop to $11.98.
Bitget Token (BGB)
Bitget Token (BGB) is the native utility token of cryptocurrency exchange Bitget. It is one of the altcoins that reached a new peak today (17). It recorded an intraday increase of 18% and reached an all-time high of $3.98. In the last 24 hours, its trading volume totaled $256 million, soaring 12%.
When an asset’s price rises along with increased trading volume, it indicates strong market interest and active participation. This suggests that the price growth is supported by real buying pressure and not fueled by speculation.
BGB Price Analysis. Source: TradingView
If this bullish momentum persists, BGB could reclaim its all-time high. However, an increase in selling activity could push its value lower to $3.16.
The article 3 cryptos that reached historic price highs today, 12/17/24 was first seen on BeInCrypto Brasil.
