Why the BGB Token Price May Rally Toward $4 | Airdrop Alert Pro

Bitget’s native token BGB has surged by double digits in the past 24 hours, driven by recent positive developments on the cryptocurrency exchange. The altcoin briefly hit an all-time high of $3.65 during Tuesday’s Asian trading session before experiencing a slight correction.

As the bullish bias strengthens, BGB token price is expected to extend its gains in the near term. This analysis details why.

Bitget attracts market attention

BGB has gained 11% in the past 24 hours, making it the market’s top gainer. Price rise follows announcement Bitget has received a Bitcoin Service Provider (BSP) license in El Salvador, a move seen as an important step in the exchange’s expansion.

Following the news, market sentiment towards the altcoin quickly turned positive, as indicated by its weighted sentiment. According to Santiment, Weighted Sentiment for BGB It broke through the zero line on December 16, reversing three consecutive days of negative values. As of now, the indicator stands at 0.33.

This indicator analyzes social media and online platforms to measure the overall tone (positive or negative) of a cryptocurrency. It considers the volume of mentions and the ratio of positive to negative comments. When the weighted sentiment is positive, it indicates that there are more positive comments and discussions about the cryptocurrency than negative comments and discussions.

Furthermore, readings from BGB’s Elder-Ray Index confirm this bullish bias. At the time of writing, the indicator has a value of 1.23, which is above the zero line.

The Elder-Ray Index indicator measures the strength of bulls and bears in the market by comparing buying pressure (Bull Power) and selling pressure (Bear Power). When the value is positive, the market is experiencing more buying pressure than selling pressure, indicating a potential uptrend.

BGB Price Prediction: One of two things could happen

As of this writing, BGB is trading at $3.60, just below resistance at the all-time high of $3.65. As buying pressure continues, altcoins could revisit this price peak and surge higher Cross it and head to the $4 area.

However, this bullish forecast may be invalidated if profit-taking activity begins. In this case, the BGB token price may give up its recent gains and drop to $2.98.