- BGB has surged 5.32% in 24 hours, with increased trading volume of 81.55%.
- Technical analysis shows BGB’s price may rebound from $3.70 support.
- RSI and MACD indicate bullish momentum, with a $5.00 target for BGB.
Bitget Token (BGB) has seen a significant price increase, reaching $4.72 in the last 24 hours, marking a 5.32% gain. This surge was accompanied by a notable rise in trading volume, which jumped 65% to reach $217 million. With a market capitalization of $5.66 billion, BGB is gaining strong momentum.
The BGB 1 day price chart reveals a potential bottoming pattern, marked by a double-needle structure. The market signals a recovery after two consecutive positive price movements, with the 30-day moving average (MA30) rising. This upward movement suggests that the room for future retracements is limited.
Analysts suggest that the previous low of $3.70 will likely act as the bottom for this correction cycle. If BGB’s price dips below $4 in the coming days, it could present a buying opportunity, with expectations of a price rebound as the market stabilizes and trends upward.
Over the past year, BGB has experienced an exceptional rise, surging by nearly 900%. In December 2024, the token reached an all-time high of $8.49, underlining its rapid growth. As of now, BGB tops CryptoRank’s list of tokens with the highest percentage of profitable holders, with a remarkable 95.6% of its investors currently holding profitable positions.
This growth reflects Bitget’s success in the competitive cryptocurrency market and its innovative strategies. With ongoing advancements in its platform and a growing user base, BGB’s value is projected to keep increasing. Factors such as platform development, increasing adoption, and broader market trends are expected to drive continued demand for BGB.
Key Technical Indicators for Future Growth
The technical indicators for BGB are signaling the continued potential for growth. The RSI indicator currently holds a value of 53.15 which signals a market in a neutral state since the price has neither reached an overbought nor an oversold position. The MACD indicator currently presents its value at 0.106 thus indicating that positive market momentum may be taking hold
Source: TradingView
BGB is expected to reach target prices which should begin near the $5.00 mark. The $5.00 price point functions as a viable resistance barrier because the cryptocurrency experienced a sharp price increase alongside MACD indicator elevation. BGB’s bullish trend will continue to rise if it remains above $4.00 and potentially reaches $5.50 or greater prices. Future market movements of BGB will be determined by the interaction of $4.00 support level resistance and $5.00 resistance.
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