Gate (GT), the native token of GateChain, the public blockchain of the Gate.io exchange, has become the best-performing altcoin in the last 24 hours. The cryptocurrency achieved this milestone after the price of the Gate token surged 10% and surpassed the $15 mark.
GT's rise to $15 marks a new all-time high for the altcoin, which has seen its price soar nearly 200% this year. However, the pressing question is whether the token can maintain its momentum as a high-performing altcoin.
Gate Token Not Overbought Yet, Market Cap Nears $2 Billion
GT’s position as the best-performing altcoin came about due to notable buying pressure. According to the daily chart, the Money Flow Index (MFI) jumped to 66.95. MFI is a technical indicator that combines price and volume data to identify overbought or oversold conditions.
An MFI reading above 80 usually indicates overbought conditions, while a reading below 20 indicates oversold conditions. However, the indicator also tells you whether there is a good level of buying or selling pressure around a cryptocurrency.
When the reading rises, it indicates buying pressure, but a drop indicates selling pressure. Therefore, the current reading indicates high buying pressure. If maintained, the Gate token price may trade higher.
Gate Money Flow Index. Source: TradingView
Interestingly, the altcoin’s surge to a new all-time high coincided with a similar performance from Bitget Token (BGB). This trend suggests that exchange-linked tokens are currently in high demand in the broader market.
Following this price increase, Gate’s market cap is about to hit $2 billion. Market cap is the product of price and circulating supply. Therefore, the 10% price increase played a significant role in the market cap growth.
If the price continues to rise, the GT altcoin's market cap could surpass $1.90 billion in the short term.
Gate Market Cap. Source: BeInCrypto
GT Price Prediction: Bears Are Out of the Way
From a technical perspective, the Bull Bear Power (BBP) reading continued to rise. BBP measures the strength of buyers (bulls) compared to that of sellers (bears).
When the indicator’s reading is positive, the bulls are in control. On the other hand, the BBP reading is negative, which means that the bears have the upper hand. At the time of writing, the BBP is at 3.32, indicating that the altcoin’s value may continue to rise.
Gate Daily Analysis. Source: TradingView
If the trend continues, GT price could rise above $16. If the broader market condition becomes extremely bullish, the altcoin could rise towards $20. However, an increase in profit taking could change the things, and the value could drop to $12.39.
The article Gate (GT) Surpasses $15, Outperforms Altcoins appeared first on BeInCrypto.