- The BGB coin price is currently trading at $0.44082.
- The price is currently taking support from the lower trendline of the ascending channel.
Bitget is a crypto-centralized exchange. It provides its traders with the option of future trading, copy trading, C2C trading, and spot trading, and moreover, it provides discounts on trading fees. The BGB coin is an ERC20-backed token that runs on the Ethereum blockchain. It aims to make crypto trading easy and it is popular among the masses.
Bitget (BGB) Coin Analysis
In the last 6 days, the BGB coins price has fallen by 4.81%. After falling it increased by 1.22% in its last trading session. However, in just 24 hours, the token declined again by 0.21%. The current market price of Bitget coin is trading at $0.44082 with a 24-hour trading volume of $14,447,099. The BGB coin has a market capitalization of 616,751,676 USD. The current circulating supply of the BGB coin is 1,400,000,000 and its max supply is 2,000,000,000 BGB coins.
1-Day Chart Price Analysis of BGB Coin
While analyzing the Bitget coin 1-day chart, it was seen that the price was trading inside a rising parallel channel. Recently, the price has broken below the $0.44509 level. That could have supported the price to continue its upward move. However, in the last trading session, its price was seen taking immediate support from the lower trendline of the rising parallel channel.
BGB coin’s price has recently given the breakdown of the 50-day EMA (black line). It is trading between the 50-day EMA and 200-day EMA (red line). It shows that there is an equal influence of buyers and sellers over the price. However, it may fall to test the 200-day EMA in the upcoming trading days.
The RSI is below the 50 level, which is currently in a bearish territory. Its line is pointing upward after a stiff fall shown by it. The token has also taken support from its 40-level. As the price is also taking support from the lower trendline of its parallel channel, the RSI and the price can rise in the future. The RSI can be seen retesting its 50-level.
Currently, the price is taking support from the lower trendline of the rising parallel channel by giving the breakdown of 50-day EMA. The RSI is pointing in the upward direction, indicating a rise in the coin price may happen.
If the price takes support from the lower trendline of the rising parallel channel and also reclaims the 50-day EMA. After which the buyer can again be seen taking control over the price. Token’s price can be seen rising to $0.46954 resistance if buyers take control. If it also breaks above this level, it may rise to its next resistance at $0.49610.
However, for the price to be in bearish sentiment it must give the breakdown of the rising parallel channel and also break below 200-day EMA. Thus, it may be seen falling to its support at $0.41281. If the BGB coin price also breaks below that level, it may fall to its next support at $0.37660.
Conclusion
The overall trend of the BGB coin price is bullish as the price is rising in the parallel channel. The price is currently taking support from the lower trendline of the parallel channel. BGB’s Indicators mentioned above for the analysis are either neutral or bullish at the time of writing. The price has a higher chance to rise in the upcoming trading session. However, traders should wait for confirmation, which is the reclaiming of a 50-day EMA. It will indicate the full control of buyers over the price.
Technical levels
Resistance Levels: $0.46954 and $0.49610.
Support Levels: $0.41281 and $0.37660.
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only. They do not provide financial, investment, or other advice. Investing or trading in crypto comes with a risk of financial loss.