Gate (GT), the native token of GateChain, the public blockchain of the Gate.io exchange, has just become the most notable altcoin in the past 24 hours. The cryptocurrency reached this milestone after the Token Gate price increased by 10% and surpassed $15.
GT hitting $15 marked a new all-time high for the altcoin, which has seen its value increase nearly 200% this year. However, the question is whether this token can maintain its momentum as a leading altcoin.
Gate Token Has Not Been Overbought, Market Capitalization Approaching 2 Billion USD
GT’s leadership position in the altcoin sector notably stems from strong buying pressure. According to the daily chart, the Money Flow Index (MFI) rose to 66.95. MFI is a technical indicator that combines price and volume data to identify overbought or oversold conditions.
An MFI above 80 typically indicates overbought conditions, while a level below 20 signals oversold conditions. However, this indicator also shows whether there is strong buying or selling pressure surrounding a cryptocurrency.
When the index rises, it shows buying pressure, but when it falls, it shows selling pressure. Therefore, the current index shows notable buying pressure. If maintained, Token Gate price will likely continue to rise higher.
Interestingly, the altcoin’s surge to a new all-time high occurred alongside a similar performance for Bitget Token (BGB). This trend shows that exchange-linked tokens are currently in high demand within the broader market.
Following this bull run, Gate’s Market Cap is on the verge of hitting $2 billion. Market capitalization is the product of price and circulating supply. Therefore, the 10% price increase has played a significant role in the growth of market capitalization.
If the price continues to rise, the market capitalization of altcoin GT could exceed $1.90 billion in the short term.
GT Price Prediction: Bears Stay Away
From a technical perspective, the Bull Bear Power Index (BBP) has continued to rise. BBP measures the strength of buyers (bulls) relative to sellers (bears).
When the index is positive, the buyers are in control. On the other hand, a negative BBP index means the sellers have the upper hand. As of the time of this writing, the BBP index is 3.32, suggesting that the altcoin’s value may continue to increase.
If this trend continues, GT price could rise above $16. If broader market conditions become extremely bullish, altcoins could climb up to $20. However, an increase in profits could change the situation, and the value could drop to 12.39 USD.