The Bitget Token (BGB) price has seen a significant increase, reaching a high of $4.97, which marks a 470% surge from its lowest point this year. This surge is likely due to its growing market share, as it has become the eighth largest exchange in the industry, handling over $91 billion in volume last month. The increase in price has attracted more active addresses, but there are indications that it may retreat soon. The BGB price has entered the markup phase of the Wyckoff Method, which is typically followed by distribution and markdown. Moreover, the market value to realized value has reached a record high, indicating that the coin is extremely overbought. Technical indicators such as the Relative Strength Index and the Stochastic Oscillator also suggest that the price is overbought. As a result, a pullback or reversal may be imminent, as seen with other popular coins in the past.
- Content Editor ( crypto.news )
- 2024-12-24
Bitget Token soars as key indicators sends a major warning