BGB hit a new ATH at $4.88, marking a gain of over 7%.
Over the past thirty days, Bitget Token has increased by 254%.
Pre-Christmas sell-offs have formed a bearish shadow over the crypto market, with Bitcoin sliding toward $102K. The major altcoins have lost momentum, trading in the red. However, Bitget Token (BGB), the native token of Bitget, bucked the trend, hitting its new all-time high at $4.88.
The price surge of BGB aligns with a 254% gain over the past thirty days. Bitget Token has been trading on the upside over the past three days. Over the last 24 hours, the BGB token price has breached the crucial $4.80 barrier to hit ATH.
The intraday trading has triggered the asset to visit its daily low of $3.86. Notably, the asset has recorded an increase of 7.36%, currently trading at $4.67. Meanwhile, the daily trading volume has reached $512 million after surging 52.80%.
Over the past seven days, BGB has recorded an increase of 43.83%. The week began trading at $3.31, and the midweek trading ignited the bulls, and the price climbed to the current level.
Where Is BGB Headed?
The four-hour price pattern has disclosed its highly bullish trading zone. The asset currently trades close to the newly formed resistance by its ATH. With the sustained buying pressure, BGB could surpass $4.93, and it might attempt to trigger a rally above the $5 zone.
However, if the profit-taking activity commences within the market, this bullish projection will likely fade. In that case, the BGB price could shed its recent gains and slip toward the $2.60 mark. If the asset fails to hold the ground, previous lows will likely emerge as the support zones.
The Moving Average Convergence Divergence (MACD) line of Bitget Token has crossed over the signal line. Hence, this crossover is considered bullish, in favour of buyers. It signals a potential buying opportunity within the market.
Besides, the Chaikin Money Flow is the technical indicator that confirms the capital flow into the asset. CMF is settled at 0.39, hinting at positive money flow and strong buying pressure. The asset is likely experiencing upward momentum or bullish sentiment.
The Bitget Token’s daily trading window has revealed the short-term 9-day MA is found above the long-term 21-day MA. Moreover, the asset is in the overbought zone with the daily relative strength index (RSI) being at 77.36. The strong bullish sentiment also warns of a reversal or consolidation.
Disclaimer: The opinion expressed in this article is solely the author’s. It does not represent any investment advice. TheNewsCrypto team encourages all to do their own research before investing.
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