Despite a significant downturn at the end of December 2024 that caused a steep correction, BGB has demonstrated robustness by climbing an impressive 14% in the past 24 hours.
This rise indicates the cryptocurrency’s effort to regain its former peak and potentially establish a new record high. Yet, investors express uncertainty about it, which may undermine the possibility of the altcoin experiencing a lasting recovery in the future.
BGB Holders Are Bearish
For the first time since mid-November, there’s a shift in investor attitude towards BGB, now leaning more towards caution. A significant indicator, called weighted sentiment, shows increasing doubt as traders express concerns about whether BGB’s recovery can be maintained. This negative outlook is a consequence of December’s adjustment period, which has shaken the confidence of investors.
This pessimistic viewpoint is strengthened by the absence of long-term investors’ optimism. The high price fluctuations have diminished hopes for a quick rebound, causing market participants to be cautious about investing more money. To win back investor trust, BGB needs to provide a clear indication of consistent bullish trends.
Although many remain doubtful, the technical indicators indicate that the downtrend might be approaching its conclusion. The Moving Average Convergence Divergence (MACD) signal suggests a possible bullish reversal. If verified, this could signal a change in direction, rekindling buying enthusiasm for BGB.
For BGB to maintain its ongoing recovery and approach its all-time high (ATH), a strong upward trend indicated by a bullish crossover on the Moving Average Convergence Divergence (MACD) is crucial. This momentum would lay a solid base for the altcoin’s progression, while the absence of it might prolong the market’s unpredictability and negatively impact the coin’s price.
BGB Price Prediction: Forming New ATH
In just the past day, BGB’s value skyrocketed by 14%, peaking at $7.22. This impressive rise can be attributed to its successful creation of a support base at $5.73. This sudden boost suggests that the altcoin is drawing in short-term investors. However, for continued growth, it needs to break through significant resistance points.
To hit a fresh all-time high (ATH), BGB needs to go beyond its existing peak of $8.49. This significant achievement would necessitate an approximately 18% price rise from its current value. Yet, the market’s ambiguous signals could pose challenges, as investors might encounter resistance at this level, which may test their dedication and resolve.
If the wider market trend becomes bearish or investors decide to cash out, the price of BGB might dip below the $5.73 support level. A decrease to $4.90 would call into question the bullish sentiment surrounding the altcoin, potentially raising doubts about its capacity to continue its recovery efforts.
Read More
- BRICS Digital Payment System Could Be a Global Bombshell, Says Russia
- Taylor Swift Thanks ‘Amazing’ And ‘Thoughful’ German Fans After Eras Tour Finally Made It To Country; See Here
- WLD PREDICTION. WLD cryptocurrency
- TIA PREDICTION. TIA cryptocurrency
- Ozzy Osbourne’s dream band tilts more poppy than expected
- Kehlani announces ‘Crash World Tour’ with special guests Flo and Anycia
- When Kate Winslet Revealed One Common Thing She Had With Her Character in Lee; Claims ‘I’m Constantly Breaking Rules’
- Julia Stiles Reveals THIS Family Member Enjoyed Being On The Set Of Her Film Wish You Were Here; Find Out
- Selena Gomez Explains Why Emilia Pérez Was Her ‘Dream Job’; Shares Experience Working With ‘Best Director’ Jacques Audiard
- DGB PREDICTION. DGB cryptocurrency
2025-01-11 23:41