Will Top Performing Altcoin GT Price Hit $20?
Gate (GT), the native token of the Gate.io exchange’s public blockchain GateChain, has become the best-performing altcoin in the past 24 hours. The cryptocurrency reaches this milestone after Gate coin price surged 10% and crossed the $15 mark.
GT surged to $15, marking an all-time high for the altcoin, which has seen its price soar nearly 200% this year. However, the pressing question is whether the coin can maintain its momentum as the top-performing altcoin.
Gate Token Is Not Overbought Yet, Market Cap Is Approaching $2 Billion
The reason GT is the best performing altcoin is the huge buying pressure. Looking at 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.
MFI readings above 80 usually indicate overbought conditions, while readings below 20 indicate oversold conditions. However, this indicator also indicates whether there are good levels of Buying or selling pressure around cryptocurrencies.
When the reading rises, it indicates buying pressure, but when it falls, it indicates selling pressure. Therefore, current readings indicate strong buying pressure. If it continues, the Gate token price may move higher.
Interestingly, while altcoins surged to new all-time highs, Similar behavior for Bitget Token (BGB). This trend shows that exchange-linked tokens are currently in high demand in the broader market.
After this price increase, Gate’s market value is about to reach $2 billion. Market capitalization is the product of price and circulating supply. Therefore, a 10% price increase plays a huge role in increasing market capitalization.
If the price continues to rise, the GT altcoin market capitalization may rise to over $1.9 billion in the short term.
GT Price Prediction: The Shorts Are Out
From a technical perspective, Bull Bear Power (BBP) readings continue to climb. BBP measures the strength of buyers (longs) relative to sellers (shorts).
When the indicator reads positive, the bulls are in control. On the other hand, the BBP reading is negative, which means the bears have the upper hand. As of this writing, BBP is 3.32, indicating The value of altcoins may Continue to rise.
If this trend continues, GT prices may rise $16+. If broader market conditions turn extremely bullish, the altcoin could climb towards $20. However, increased profit-taking could change things and the price could drop to $12.39.
Disclaimer
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