Most exchange-based tokens are defying the odds amid the latest market drops. As they continue to show signs of recovery, BGB leads the current daily surge with 17% gains in the last 24 hours.
Despite the recent crackdown across the crypto space, BGB showed signs of strength with a back-to-back gain in the past weeks. It pushed above $5 this week and is now on the verge of taking $7.
Looks highly bullish on the daily chart.
While the bulls currently appear more formidable amid dominance, the price is expected to close strong this week. Although the current market drop may affect this target price if supply increases.
However, it is crucial to note that this ongoing bullish move was mainly initiated in October after a flash crash to the $0.53 level. Looking back from there to where it currently trades, BGB has seen a staggering gain.
That said, the daily bias is still considered bullish following a higher high and higher low pattern on the 4-hour chart. Failure to sustain this pattern may result in a major retracement. For now, it remains under the bulls’ radar.
Aside from BGB, other centralized exchange – CEX-based tokens included in today’s rally are FTT, OKB and GT – up by 10% today with BNB posting 1% gains in the last 24 hours.
BGB’s Key Level To Watch
Source: Tradingview
Currently, there’s no key resistance on the way up. But the key potential level to consider amid the latest surge is $8, followed by the psychological $10 level. The next levels to watch above it are $12, 14 and $16.
If a pullback occurs, the closest line of support is $4.9. The $3.5 level is the next support to consider for drops. A deep correction from there may slide the price to the $2.41 level before rebounding.
Key Resistance Levels: $8, $10, $12
Key Support Levels: $4.9, $3.5, $2.41
- Spot Price: $6.39
- Trend: Bullish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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