Bitget‘s native token, BGB, has been the market’s top gainer over the past 24 hours. Its value has risen by 1% during that period, outperforming leading crypto assets, which continue to record losses.
On-chain and technical indicators suggest that the price rally is fueled by rising demand for BGB. Hence, the token is poised to extend its gains in the short term.
Bitgets Soaring Demand Pushes Price Up
Readings from BGBs price chart highlight the buying pressure among market participants. For example, its Balance of Power (BoP) returns a positive value of 0.21 at press time, confirming the bullish bias toward the altcoin.
BGB BoP. Source: TradingView
An asset‘s BoP measures the strength of its buyers against sellers by analyzing price movements within a given period. When the indicator’s value is positive, buyers are in control, signaling strong buying pressure and a potential continuation of the assets upward trend.
Notably, according to on-chain data, the steady rise in BGBs Relative Strength Index (RSI) confirms this accumulation trend. As of this writing, the key momentum metric is at 54.38 and in an uptrend.
BGB RSI. Source: Santiment
An assets RSI measures the speed and magnitude of its recent price changes to assess whether it is overbought or oversold. RSI value of 54.38 suggests that buying momentum is increasing but has not yet reached the overbought territory. This indicates room for further gains, with the potential for continued bullish movement if demand remains strong.
BGB Price Analysis: A Break Above $7.80 Could Lead to ATH
BGB currently exchanges hands at $6.73, trading below the crucial resistance formed at $7.80. Sustained demand for the altcoin could push BGB above this level and propel it toward its all-time high of $8.50.
However, if buying pressure wanes and BGB distribution resumes among traders, it will shed its recent gains. In that case, its price could drop to find support at $5.97.
BGB Price Analysis. Source: TradingView
BGBs price decline could extend to $4.42 if the bulls fail to defend this level.