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Today, BTC corrects after setting a new all-time high at $108,268. But there is a token that is climbing positions in the top 100 cryptocurrencies with the highest capitalization.
We are talking about Bitget Token (BGB), the Cryptocurrency of the Seychelles-based exchange, Bitget. At the time of writing it is trading at 4.40 USD, with daily gains of 14.7%, weekly gains of 36.2% and incredible monthly profits of 223%. Thus tripling its price in a month.
The token is trading at all-time highs and growing despite the correction experienced by the crypto market. Specifically, BGB marked all-time highs at $4.45.
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This strong rise has propelled it to the 26th position of cryptocurrency with the highest market capitalization, with a market cap of 6.15 billion dollars.
The CEO of Bitget, Gracy Chen, highlighted from her X account the strong momentum of BGB, which positioned the token among the top 5 tokens with the highest gains in the last 7 days:
«Top 5 gainers in the last 7 days among the top 100 coins. Congratulations to all holders!
What factors are driving BGB price higher?
The bullish momentum in Bitget Token comes due to the growth of the Bitget exchange in general.
Today it is ranked number 6 in the largest exchanges according to the CoinMarketCap list. In turn, several factors drive the growth of this platform.
For example, Gracy Chen, CEO of Bitget, mentioned in an interview last week that the platform is considering expanding to the United States:
“We are reviewing a strategy for the United States, although we have not decided anything yet.” These were Chen’s words and he also added: “If we had a local partner that already had many of those licenses, then we could create a joint venture, for example. That way we wouldn’t have to go through all the requests. “We could take that approach, but it’s not decided yet.”
This possible expansion could be generating optimism and driving the BGB price higher.
Another factor/development driving the price of BGB is the announcement of the launch of LaunchX, an innovative token launch platform. This new project seeks to connect Blockchain initiatives with the global Web3 community, facilitating an effective and early distribution of tokens.
This initiative provides access to the extensive Bitget ecosystem, which has more than 45 million users. Thus, the first project that will be launched on LaunchX and take advantage of that large user base is Fuel Network (FUEL).
Finally, we can talk about the recent achievement that Bitget has had in obtaining a license to operate in El Salvador. Specifically, it is a Bitcoin Service Provider (BSP) license that will allow you to offer your services in the Central American country.
BGB Chart Analysis: Important Levels to Watch
Several important details come to light when we take a closer look at the BGB token chart:
The first of them is that the increase in BGB began since November, but the price broke this bullish movement upwards on December 3.
Bitget Token Chart Analysis: Key Levels to Watch Out for. Source: TradingView.
Besides, On this occasion the graph lends itself to using the Elliot wave theory. If we base ourselves on this theory, currently the price of BGB is in wave 5, that is, in the last section of the bullish streak, so a correction would follow.
Due to the previous pattern, let’s continue to establish support levels.
BGB would find its first strong support near the 20 EMA or $3.7. The next support could be established around the 100 EMA or $2.90. But, if the bearish momentum continues, BGB could decline to around its 200 EMA or $2.47.
Bullish outlook
If the price continues its rise (which in Elliott’s theory would correspond to an extension of wave 5), it would find resistance at $4.50 and higher at $4.70.
Exceeding the previous levels would allow the price to conquer new levels at 5 USD.
Meanwhile, the relative strength index at 78.3 points can be interpreted in this context as overbought, so traders should take into account the previous levels to “avoid surprises.”
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