Why the Bitget Token Price Rally May Not Last
The price of Bitget’s native token, BGB, surged 4% in the past 24 hours. The rebound made it the biggest gainer among the top 100 cryptocurrencies by market capitalization during the period.
However, while this price uptrend may look bullish, BGB’s technical indicators suggest a potential decline is around the corner. This analysis explains why.
Bitget climbs, but rally may not last
BGB The Balance of Power (BoP) observed on the 12-hour chart hints at a possible correction in the coin’s price. As of this writing, the indicator is below zero at -0.12.
The balance of payments indicator measures the strength of buyers and sellers in a market by analyzing price movements over a given period. Like BGB, divergence forms when the indicator has negative values during a period of rising prices.
This discrepancy indicates that sellers are exerting significant influence and could dampen the momentum of the rally or indicate a lack of conviction from buyers. This suggests that if selling pressure increases, the price increase may not be sustainable or may be reversed.
farther, BGB’s Chaikin Fund Flow (CMF)A measure of money flows into and out of the market was below the zero line, confirming the bearish outlook. At press time, the value was -0.11.
When an asset’s CMF is negative, it indicates that selling pressure is dominant, with more volume associated with price declines than with price increases. This signals bearish sentiment, suggesting that Bitget Token price growth is weak and the uptrend is about to reverse.
BGB Price Forecast: Reasons for All-Time Highs
As of press time, BGB transactions $6.44. If bearish pressure intensifies, the stock will lose its current gains and fall further.
According to its Fibonacci Retracement tool, the next major support is at $4.42, which may be tested as selling pressure builds.
On the other hand, a resurgence in buying activity could push Bitget token price to new all-time highs $8.50 and up.
Disclaimer
conform to trust project Guide, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to providing accurate and unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult a professional before making any financial decisions. Please note that our terms and Conditions, privacy policyand Disclaimer Updated.
