- Bitget Token (BGB) has surged 264% over the past 90 days but is currently facing a pullback of over 28% following its remarkable rally.
- BGB has hit a critical support zone between $4.73 and $5.03, trading at $5.02, after being rejected from descending resistance at $7.86.
- If the current support level holds, the next target would be the descending trendline resistance around $6.80.
- MACD indicator shows bearish momentum with selling pressure remaining dominant, though a bullish crossover could signal a potential reversal.
Date: Sun, February 16, 2025 | 04:22 PM GMT
In the cryptocurrency market this week, major altcoins are showing signs of recovery after weeks of correction, as Bitcoin dominance has dropped by 1.26% over the past seven days.
Despite this, the top-performing centralized exchange (CEX) token, Bitget Token (BGB), is still undergoing a correction following its remarkable rally in previous months. Over the past 90 days, BGB has surged by an impressive 264% but is currently facing a pullback of over 28%.
BGB Hits Key Support
A look at BGB’s daily chart reveals that the token has been consolidating within a descending triangle pattern since its explosive 439% rally in December 2024. The recent rejection from the descending resistance at $7.86 on January 26 has pushed BGB down to a critical support zone between $4.73 and $5.03.
This support level has previously acted as a rebound zone, meaning a bounce from here could be possible. Currently, BGB is trading at $5.02, and if it manages to hold this level, the next target would be the descending trendline resistance around level at $6.80.
However, even if this support fails, the next stop could be near its 200-day moving average (MA), which could serve as another potential bounce zone, forming a possible bullish flag pattern.
Looking at the MACD indicator, we see that momentum is currently bearish, with the signal line crossing below the MACD line. This suggests that selling pressure remains dominant. However, a bullish crossover in the coming days could indicate a reversal.
Final Thoughts
Bitget Token (BGB) has shown impressive strength over the past few months, but the current correction is testing a key support level. While short-term momentum remains bearish, historical price action suggests that this zone could act as a strong rebound area.
If buyers step in and defend the $4.73 – $5.03 support, a recovery toward the descending trendline resistance could be on the horizon. However, if this level breaks, a deeper pullback toward the 200-day moving average may offer another buying opportunity.
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