- Bitget Token (BGB) surged over 36% and recorded a new all-time high of $3.28, despite broader market volatility.
- Bitget Token’s open interest saw a 32.37% rise to $39.84 million, indicating growing confidence in the token.
While the global crypto market remains volatile, with major coins displaying losses led by Bitcoin’s sudden plunge to the $96K zone, Bitget Token (BGB) started the day with a significant 36% rally, reaching a new all-time high of $3.28 just an hour ago. Over the past 24 hours, the native cryptocurrency of the Bitget exchange surged from a low of $2.40, topping the gainers’ list with maximum returns.
At the time of writing, BGB is trading at $3.24 and holds a market capitalization of $4.53 billion. The daily trading volume also spiked by over 109%, reaching $468 million. The token’s rally comes following a notable rise in open interest, which surged 32.37% to $39.84 million, according to Coinglass data.
During the Asian trading hours, BGB climbed from its opening price of $2.69 to a high of $3.28. However, since the start of December, the token has shown outstanding performance, rising over 88% in a week and 150% in a month.
Considering this, let’s analyze the BGB price action with current trends to find what comes next.
Bitget Token (BGB) 24-H Price Analysis
The weekly timeframe chart reveals this rapid ascent to a bullish price trend began in August. Further, the upward movement became more valid in November and continued into December with no signs of major pullbacks.
In November, BGB displayed an impressive bullish recovery alongside the global crypto market. However, the token outperformed even more from Dec 1 to Dec 11, soaring approx. 113% from $1.54 to $3.28.
Zooming in, the 4-hour BGB/USDT trading chart indicates bullish momentum, with technical indicators supporting further upside. The RSI and MACD are rising and remain stable above their bullish thresholds. Despite the price surge, neither the RSI nor MACD showed any bearish divergences even in the extreme overbought zone.
If the token faces resistance, a steep decline to $1.84 or below $1.51 could occur, which will place bears in control.
For now, BGB’s upward trajectory highlights its resilience amidst a turbulent market; check TheNewsCrypto’s Bitget Token price prediction to know the detailed direction of BGB’s price.
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