As the cryptocurrency market continues to gain momentum, several altcoins reached new highs today. GateToken (GT), EigenLayer (EIGEN Coin) and Bitget Token (BGB) each experienced significant price increases. These coins made their investors smile with their outstanding performance. So, what will their next moves be? Crypto analyst Abiodun Oladokun analyses the technical picture of these tokens.
EigenLayer (EIGEN Coin): In a strong bull trend!
EIGEN Coin rose to the ATH level of $5.65 on Tuesday. Thus, it became one of the altcoins that recorded new highs. At the time of writing, EIGEN Coin is trading at $5.28, down 7% from its peak. The EIGEN Coin one-day chart reveals that the uptrend continues to strengthen. The Aroon indicator confirms this with an Up Line value of 100%. This bullish indicator signals that the asset is in a strong bull trend. It also suggests that buyers are in control. If EIGEN Coin buyers remain in control, they could push its price to a new all-time high and beyond. Conversely, a decrease in bullish pressure would likely cause the token to fall to $4.82.
GateToken (GT): Demand for the altcoin is high, continuation of the uptrend is possible!
GT’s price jumped to the ATH level of $13.94 today before witnessing a slight correction. GT’s price surge is supported by real demand for the altcoin. It is also reflected in the rising Rising Strength Index (RSI), which was 69.82 at the time of writing. 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 potentially move beyond it. On the other hand, if profit-taking activity begins, the coin’s price could fall as low as $11.98.
Bitget Token (BGB): Real buying pressure is driving the price higher!
Bitget Token (BGB) is the native utility token of the Bitget cryptocurrency exchange. It was one of the altcoins that climbed to a new high today. It recorded an increase of 18% during the day. Thus, it reached the ATH level of $3.98. Also, the trading volume increased by 12% in the last 24 hours, reaching $256 million. When the price of an asset rises with increasing trading volume, this indicates strong market interest and active participation. This indicates that the price increase is due to real buying pressure, not speculation. If this bullish momentum continues, it is possible that BGB will regain the ATH level. However, an increase in selling activity is likely to bring it down to $3.16.
The opinions and forecasts in the article belong to the analyst and are not investment advice. As Kriptokoin.com, we strongly recommend that you do your own research before investing.
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