Bitget Token (BGB) Approaches Key Resistance Level: Are More Gains On Horizon?

Date: Fri, Jan 24, 2025, 03:14 PM GMT

The cryptocurrency market has experienced strong bullish momentum in the past 24 hours, with Bitcoin (BTC) surging 2.41%, now trading above $105K. This surge comes on the heels of a groundbreaking development: President Donald Trump signed an executive order to create a national digital asset stockpile.

This has also sparked a spike in altcoins , including the centralized exchange (CEX) token Bitget Token (BGB), which is gaining momentum. The current technical setup indicates it could add more gains to its stellar rise, having already surged by over 356% in just the last 60 days.

Source: Coinmarketcap

Approaches Key Resistance Level

On the 4H chart, BGB has shown a recurring pattern: each time it broke out of a descending trendline in conjunction with the 30-day Moving Average (30D MA), the token experienced a significant pump. Currently, BGB is trading at $7.43, holding firmly above the 30D MA, and is now approaching a key resistance level marked by the blue shaded area, with the upper boundary at $7.485.

Bitget Token (BGB) 4H Chart/ Coinsprobe (Source: Tradingview)

If BGB manages to break out above this resistance zone, it could target its next levels at $7.85 and $8.50. Notably, $8.50 also marks its all-time high (ATH). This would represent a 13% increase from the current resistance zone.

Should BGB successfully surpass its current ATH of $8.50, the breakout could ignite a rally toward a new psychological high near $11, signaling an exciting new phase of growth for the token.

From a technical perspective, the MACD (Moving Average Convergence Divergence) indicator is beginning to show signs of bullish momentum. The MACD line is crossing above the signal line, with the histogram transitioning into positive territory. This suggests strengthening momentum, supporting the possibility of an impending breakout.

Final Thoughts

Bitget Token (BGB) is approaching a critical resistance level at $7.485, with its technical indicators aligning for a potential breakout. If successful, the token could retest its ATH at $8.50 and even aim for new highs at $11, offering significant upside potential.

Disclaimer: This article is for informational purposes only and not financial advice. Always conduct your own research before investing in cryptocurrencies.