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While Bitcoin continues its struggle to reclaim its all-time high of $99,419 and break the $100,000 psychological barrier, several altcoins have defied the trend and reached new all-time highs today.
BeInCrypto has analyzed three crypto tokens that reached all-time highs today, led by Bitget token (BGB).
Bitget Token (BGB)
BGB, the native token of cryptocurrency exchange Bitget, climbed to a new all-time high of $1.70 during Monday’s early Asian session. It currently trades at $1.66, noting a 2% drop from the price high.
Today’s all-time high is the fifth in seven days. This reflects the steady uptick in the demand for the altcoin fueled by investor confidence. The setup of BGB’s Super Trend indicator on its daily chart confirms this bullish outlook.
This indicator measures the overall direction and strength of a price trend. It appears as a line on the chart, changing color based on the prevailing trend: green signifies an uptrend, while red indicates a downtrend. Buyers are in control when the Super Trend line turns green and moves below the price. It signals that bullish momentum is strong.
However, BGG must sustain its rally above the critical $1.45 support level to maintain market confidence. A drop below this price level could trigger further declines, preventing it from touching new all-time highs.
Snek (SNEK)
SNEK, the Cardano-based meme coin, rose to an all-time high of $0.0047 today. While its price has since dropped by 9%, the token continues to enjoy a significant bullish bias.
This is confirmed by its rising Average Directional Index (ADX), which is at 63.50 at press time. This indicator measures the strength of a market trend, with values ranging from 0 to 100, where higher numbers indicate stronger trends.
SNEK’s ADX reading of 63.50 during its price rally signals a strong uptrend. It indicates that buyers are firmly in control, and the rally will likely persist. SNEK’s price will reclaim its all-time high and rally past it if this happens.
On the other hand, the meme coin’s price may drop to $0.0038 if selling pressure spikes.
Why (WHY)
WHY currently trades at $0.00000025. It hit an all-time high of $0.00000049 today and witnessed a 40% pullback. This is due to the surge in selling activity, which has put pressure on its price. On a daily time frame, WHY’s price is now down 11%. If this decline persists, it may fall toward the critical support at $0.00000017.
On the other hand, a resurgence in the demand for the altcoin may push its price above the $0.00000030 price range and toward revisiting its all-time high.