As the cryptocurrency market continues to gain momentum, several altcoins reached new highs today.
GateToken (GT), EigenLayer (EIGEN), and Bitget Token (BGB) are among the standout performers, each seeing a significant price increase.
EIGEN LEAR
EigenLayer is an Ethereum-based protocol that allows users who have staked ETH to “re-stake” to secure other applications and services on the network. Its native token EIGEN surged to an all-time high of $5.65 during early Asian trading on Tuesday, making it one of the altcoins to hit new highs today. It is currently trading at $5.28, down 7% from its peak.
Evaluation of the daily chart of EIGEN/USD reveals that the uptrend continues to strengthen. The Aroon indicator confirms this with a bullish line value of 100%. This indicator measures the time since the price of an asset reached its highest or lowest point during a given period, usually 14 days, to determine trends and trend strength.
When the Aroon-Up line is 100%, the asset has recently reached a new high during the specified period, indicating strong upward momentum. This bullish evidence indicates that the asset is in a strong uptrend and that buyers are in control.
If buyers continue to control EIGEN, they may push its price towards the all-time high and beyond. Conversely, a decrease in bullish pressure may lead the token price to drop to $4.82.
Jet Token (GT)
GateToken operates on the GateChain network, a public blockchain that facilitates the transfer of digital assets. GT price surged to an all-time high of $13.94 today before seeing a slight correction.
The rising GT price is supporting the actual demand for the altcoin, which is reflected in the rising Relative Strength Index (RSI), which is at 69.82 at press time.
The RSI measures overbought and oversold market conditions for an asset. It ranges from 0 to 100. Readings above 70 indicate that the asset is overbought and may be due for a correction, while readings below 30 indicate oversold conditions, indicating a potential price rebound.
With an RSI of 69.82, GT’s buying activity is currently outpacing the selling pressure among market participants. If this momentum continues, the altcoin could reclaim its all-time high of $13.94 and possibly even exceed it. On the other hand, if profit-taking starts, the coin’s price could drop to $11.98.
Bitgate (BGB) code
BitGate Token (BGB) is the native token of the BitGate cryptocurrency exchange. It is one of the altcoins that has surged to a new high today. It has registered an internal increase of 18% and reached an all-time high of $3.98. In the last 24 hours, its trading volume has reached $256 million, up 12%.
When the price of an asset increases with increasing trading volume, it indicates strong market interest and active participation. This suggests that the price growth is supported by actual buying pressure and not driven by speculation.
If this bullish momentum continues, BGB could reclaim its all-time high. However, increased selling activity could drag its value down to $3.16.
