- Bitget Token (BGB) reached an all-time high of $6.55 and climbed to the 19th spot in the crypto rankings.
- BGB price surged more than 300% in the last 30 days, rising from $1.54 to over $6.50.
Bitget Token (BGB), the native cryptocurrency of the popular centralized exchange Bitget, has been on an impressive rally, hitting an all-time high of $6.55. This surge has propelled BGB into the top 20 cryptocurrencies, reaching a market cap of $9.05 billion and securing the 19th spot in the rankings.
Despite a slight decline in the global crypto market during the holiday season, with major assets like Bitcoin and Ethereum seeing price drops, Bitget Token has defied the trend. Over the past 24 hours, BGB has surged more than 30%, topping the gainers list.
At the time of writing, Bitget Token is priced at $6.34. Additionally, the daily trading volume of Bitget Token has risen around 200% to $952 million. Following the unexpected rally, the question raised in the market was: Will Bitget Token hit $10 before the end of 2024?
Technical Indicators Confirm Strong Bullish Momentum
BGB has displayed an incredible performance in the final days of 2024, soaring by over 300% in the past 30 days. From trading around $1.54 last month, the token has now broken above the $6.50 mark as of the latest update.
According to the IntoTheBlock data, all BGB holders are currently in profit. Most of these holders are long-term investors: 37% have held their tokens for over a year.
Further, the BGB/USDT trading pair shows that BGB is trading in a rising channel pattern. This is a bullish trend where the price moves between two upward-sloping parallel lines, indicating steady higher highs and higher lows.
The high RSI (84) on the 4-hour chart indicates overbought conditions; it also shows the trend remains strong, even though the market might be overheating. Additionally, the MACD line is above the signal line, confirming that the bullish trend is still strong.
Zooming in, the positive CMF (0.33) shows more buying pressure than selling, pointing to a bullish market. To validate this, the Bull Power at 7.34 and Bear Power at -2 confirm strong buying momentum, with buyers clearly dominating the market.
With these positive signs, Bitget Token’s next target is $7.82, which could push the price above $8.78. If BGB breaks through that level, it might even reach $10.
Possible Pullback Due to Overbought Conditions
However, the BGB price might pull back soon due to a few factors. Yes, the current surge follows a long period of accumulation, lasting over two years—supply usually exceeds demand.
Additionally, the market value to realized value (MVRV) has reached a record high of 11.71. This suggests the market is overvalued, possibly signaling a price bubble and a potential correction as investors take profits.
Lastly, BGB could see a pullback because it has become highly overbought, with the RSI reaching 86, an extreme level. In this case, BGB could drop back to $3.70, followed by $1.54.
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