BGB has shown resilience in price performance, rising 14% in the past 24 hours despite a sharp correction at the end of December 2024.
This price increase reflects the cryptocurrency’s efforts to recover and form a new all-time high (ATH). However, investor sentiment is still skeptical, raising doubts about the long-term recovery prospects of this altcoin.
Holder BGB Has a Pull Down Mentality
Market sentiment around BGB has turned negative for the first time since mid-November, signaling caution among investors. Weighted sentiment, a key indicator, shows rising skepticism as many traders question the sustainability of BGB’s rally. This negative sentiment reflects the December correction, affecting Holder’s confidence.
This downward sentiment is further reinforced by a lack of optimism from long-term investors. The significant price volatility has dampened hopes of a quick recovery, making market investors reluctant to commit additional capital. For BGB to regain investor confidence, it needs a clear signal of sustainable growth momentum.
Despite current skepticism, technical indicators suggest the pullback may be coming to an end. The MACD (Moving Average Convergence Divergence) indicator shows signs of possible upward price movement. If this is confirmed, it could mark a shift in momentum, sparking buying interest in BGB.
A bullish crossover on the MACD is needed for BGB to maintain the current recovery. The new momentum will provide the necessary foundation for the altcoin to get closer to breaking its all-time high. Without this, uncertainty in the market could continue to put heavy pressure on prices.
BGB Price Prediction: New High Formation
BGB price has increased 14% in the past 24 hours, reaching $7.22 after successfully establishing support at $5.73. This rapid recovery reflects the altcoin’s ability to attract short-term interest, but further growth depends on overcoming key resistance levels.
For BGB to reach a new ATH, it must surpass the current high of $8.49. To reach this milestone, the price needs to increase another 18% from its current position. However, mixed signals in the market could create challenges, with this resistance level potentially testing investor commitment.
If broad market signals turn negative or investors decide to take profits, BGB price could fall below the $5.73 support level. A fall to $4.90 would invalidate the bullish outlook, raising concerns about the altcoin’s ability to sustain its recovery effort.