The cryptocurrency market has experienced a significant downturn over the past 24 hours, shedding a staggering $8 billion from its total market capitalization. Despite this broader market correction, some altcoins have defied the trend and surged to new all-time highs (ATHs) today.

BeInCrypto has analyzed three of these tokens that reached new all-time highs today, led by Just a Chill Guy (CHILLGUY)

Just a Chill Guy (CHILLGUY)

Based on a popular internet character, the meme coin Just a Chill Guy (CHILLGUY) has seen a massive surge in value since it launched on November 15. The altcoin climbed to a new all-time high of $0.58 during Tuesday’s early Asian session. However, it currently trades at $0.47, an 18% drop from the price peak.

In a November 25 post on X, on-chain analytics data provider Nansen noted that the meme coin saw $108,450 smart money netflows in the preceding 24 hours. Smart money refers to institutional or large-scale investors. This indicates that large-scale hodlers are increasing their CHILLGUY holdings.

If this trend persists, the meme coin’s price may reclaim its all-time high. On the other hand, CHILLGUY’s price may plummet below $0.40 if selling activity resurfaces.

Virtuals Protocol (VIRTUAL)

VIRTUAL, the native token of the decentralized platform for the creation and monetization of AI agents Virtuals Protocol, rose to an all-time high of $0.71 today. It now trades at $0.65, having shed 8% of its value from this price high. 

VIRTUAL’s price surge is backed by an actual demand for the altcoin, reflected in its rising Rising Strength Index (RSI). At press time, this is at 69.48.

The RSI indicator tracks an asset’s overbought and oversold market conditions. It ranges between 0 and 100, with values above 70 indicating that the asset is overbought and due for a correction. On the other hand, values below 30 indicate oversold conditions and hint at a price rebound. 

At 69.48, VIRTUAL’s RSI indicates that buying activity outweighs selling pressure among market participants. If this trend continues, the altcoin will reclaim its all-time high of $0.71 and attempt to rally beyond it. However, if profit-taking commences, VIRTUAL’s price may drop to $0.57, invalidating this bullish outlook.

aixbt by Virtuals (AIXBT)

AIXBT is currently trading at $0.08. It has recorded a 75% intra-day increase and has hit an all-time high of $0.09 today. Over the past 24 hours, its trading volume has totaled $6.05 million, rocketing by 487%. 

When an asset’s price climbs alongside its trading volume, it suggests strong market interest and participation, indicating that the price increase is supported by active buying. This signals confidence in the asset’s value and can suggest that the upward movement may be sustainable.

AIXBT will reclaim its all-time high if this bullish momentum holds. However, its value may drop to $0.07 if selling activity commences. 

The price of Solana-based meme coin Peanut the Squirrel (PNUT) has declined by double digits as the market’s meme coin mania wears off. PNUT trades at $1.09 as of this writing, shedding 36% of its value in the past seven days.

With strengthening bearish pressure, PNUT’s price may revisit its all-time low of $0.031. This analysis delves into why.

Peanut the Squirrel Loses Bullish Support

An assessment of the PNUT/USD 12-hour chart confirms the uptick in the meme coin’s selloffs. For example, as of this writing, PNUT’s price rests below the red line of its Super Trend indicator, which identifies the overall direction and strength of a trend in asset prices. 

This indicator appears as a line on the price chart, with its colors changing based on the trend direction: red for a downtrend and green for an uptrend. When the red line of the Super Trend indicator is above the asset’s price, it signals a downtrend, suggesting that bearish momentum will continue.

Additionally, PNUT’s declining Relative Strength Index (RSI) confirms the uptick in selling activity. At press time, the meme coin’s RSI is below the 50-neutral line at 45.81.

This indicator measures an asset’s overbought and oversold market conditions. It ranges between 0 and 100, with values above 70 indicating that the asset is overbought and due for a correction. Conversely, values under 30 indicate that the asset is oversold and may experience a rebound.

At 45,81, PNUT’s RSI signals the gradual decline in buying activity, indicating the potential for a sustained price drop.  

PNUT Price Prediction: All-Time Low on the Horizon

PNUT currently trades at $1.09, just above the support level of $0.97. With bullish sentiment fading, the meme coin’s price risks breaching this support and continuing its downward trajectory. 

According to PNUT’s Fibonacci retracement tool, the next significant support level is at $0.55. If this level fails to hold, the token could potentially revisit its all-time low of $0.03.

However, if market sentiment shifts from negative to positive, the PNUT meme coin price could climb toward $1.26, invalidating the bearish outlook.

Binance’s new delistings were revealed on Tuesday. The world’s largest crypto exchange has declared plans to cease trading eight altcoin spot trading pairs.

This action, set to take effect on December 10 at 03:00 UTC, reflects Binance’s attempts to enhance market quality.

What Binance Users Need To Do

Binance claims that it assesses the performance of its listed trading pairs as part of a commitment to ensure a high level of standard and industry requirements. With this standard, it periodically revises its token catalog, removing those that do not meet liquidity and volume thresholds. The exchange claims these measures protect users and uphold a high-quality trading environment.

“When a coin or token no longer meets these standards or the industry landscape changes, we conduct a more in-depth review and potentially delist it. Our priority is to ensure the best services and protections for our users while continuing to adapt to evolving market dynamics,” Binance said on Tuesday.

Against this backdrop, the largest crypto exchange by trading volume metrics plans to delist the following spot trading pairs.

1. GFT/USDT for Gifto, a pioneering Web3 blockchain solution
2. IRIS/BTC and IRIS/USDT for IRISnet, a service protocol and cryptocurrency
3. KEY/USDT for SelfKey, a blockchain-based self-sovereign identity system
4. OAX/BTC and OAX/USDT for OAX, a crypto exchange platform developed by ANX International.
5. REN/BTC and REN/USDT for Ren. Ren is an open protocol built to provide interoperability and liquidity between different blockchain platforms.

The exchange will remove all trade orders automatically after trading ceases in each respective trading pair.

“Please note that users will not be able to update their positions during the delisting process, and they are strongly advised to close their positions and/or transfer their assets from Margin Wallets to Spot Wallets prior to the cessation of margin trading at 2024-12-04 06:00 (UTC). Binance will not be responsible for any potential losses,” the exchange warned.

Therefore, users with an interest in these pairs may consider revising their trading strategies accordingly ahead of the Binance delistings. Importantly, the exchange will also terminate spot trading bot services for these pairs at the same time. Binance advises traders to either cancel or update their automated trades to avoid potential financial losses.

In the immediate aftermath of this round of delisting, GFT, IRIS, KEY, OAX, and REN prices have plummeted. This instability likely stems from investors losing confidence in the tokens’ prospects once the delistings happen, which could lead to further selling.

This turnout is unsurprising. Historically, token delistings from prominent exchanges tend to cause mass sell-offs.

In the same way, token listings act as bullish fundaments. The latter happened recently when Binance listed SLERF and SCRT, catapulting the token significantly amid a market frenzy.

The same happened to Akash Network (AKT), which rallied 30% on the Binance listing announcement. While listings fuel price surges, the latest turnout, therefore, reflects the impact of exchange delistings on an altcoin’s valuation.