Gate (GT), the native token of the GateChain, the public blockchain of the Gate.io exchange, has become the top-performing altcoin in the last 24 hours. The cryptocurrency reached this milestone after the Gate token price climbed by 10% and surpassed the $15 mark.
GT’s surge to $15 marks a new all-time high for the altcoin, which has seen its price soar by nearly 200% this year. However, the pressing question is whether the token can maintain its momentum as a top-performing altcoin.
Gate Token Not Yet Overbought, Market Cap Nears $2 billion
GT’s position as the top-performing altcoin happened due to notable buying pressure. According to the daily chart, the Money Flow Index (MFI) has jumped to 66.95. The MFI is a technical indicator that combines price and volume data to identify overbought or oversold conditions.
An MFI reading above 80 typically signifies overbought conditions, while a reading below 20 indicates oversold conditions. However, the indicator also tells if there is a good level of buying or selling pressure around a cryptocurrency.
When the reading rises, it indicates buying pressure, but a decline indicates selling pressure. Therefore, the current reading indicates notable buying pressure. If sustained, the Gate token price might trade higher.
Interestingly, the altcoin’s surge to a new all-time high coincided with a similar performance by Bitget Token (BGB). This trend suggests that exchange-linked tokens are currently in high demand within the broader market.
Following this price increase, Gate’s Market Cap is on the brink of hitting $2 billion. Market cap is the product of price and circulating supply. Therefore, the 10% price increase played a huge role in the market cap growth.
Should the price continue to rise, the GT altcoin market cap might rise to more than $1.90 billion in the short term.
GT Price Prediction: Bears Are Out of the Way
From a technical point of view, the Bull Bear Power (BBP) reading has continued to climb. The BBP measures the strength of buyers (bulls) compared to that of sellers (bears).
When the indicator’s reading is positive, bulls are in control. On the other hand, the BBP reading is negative, which means bears have the upper hand. As of this writing, the BBP is at 3.32, indicating that the altcoin’s value might continue to rise.
If the trend continues, GT’s price might rally above $16. If the broader market condition gets extremely bullish, the altcoin might climb to $20. However, a rise in profit-taking could change things, and the value could decline to $12.39.
Disclaimer
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