1 day ago
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The Bitget Token (BGB) has experienced an important surge, now trading at $7.73, considering a 7.6% increase within a short period. This upward momentum has gained the attention of traders and analysts, as the token’s market cap (MC) sits at $9.3 billion, with a fully moderated valuation (FDV) of $15.5 billion.
This improvement represents a remarkable MC/FDV ratio of 1.7. Volume ($549M), equating to 0.1 of the market cap, further highlights robust trading activity.
This chart exhibits a sharp upward trend since October 2024, when Bitget token broke out from its previous consolidation phase. The recent trajectory inferred the presence of strong demand, as the token surpasses previous resistance levels while maintaining consistent volume spikes.
BGB’s price trajectory reveals a stable accumulation phase during mid-2024, followed by an explosive breakout in late October 2024. The parabolic rise since then has frequently set higher highs and higher lows, signaling a strong bullish view.
Investors should also note the consolidation zones evident earlier in the year, which acted as a starting point for the recent rally. These zones could serve as critical support levels in case of a re-evaluation, supplying a buffer for further growth.
With the current rally, there has been a significant breakout above all previous resistance levels, and the next theoretically important barrier stands at $8.00.
In previous instances, the resistance levels ranging from $2.00 to $6.00 have transformed into support, showcasing the token’s strength above those levels following the breakout.
The strong volume accompanying this rise illustrates tremendous buyer interest, while the lack of selling pressure supports the continuation of this bullish trend. However, it is important for traders intending to take profits at significant resistance levels to exercise caution, as this could lead to a short-term pullback.
The better performance of BGB token speaks of increasing trust in the Bitget network. At a respectable MC/FDV value of 1.7, there is no doubt as to whether it has been nicely priced because of its current float.
Moreover, the major volume-to-market capitalization ratio demonstrates that there will not be sufficient liquidity for substantial price manipulation. By continuing to supersede levels, the market participants look with the interest of beholding genuine growth or abiding consolidation on the current stage.
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