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BGB has shown resilience in its price action, rising 14% over the last 24 hours despite a sharp correction toward the end of December 2024.
This surge reflects the cryptocurrency’s attempt to recover and form a new all-time high (ATH). However, investor sentiment remains skeptical, casting doubt on the altcoin’s long-term recovery prospects.
BGB Holders Are Bearish
The market sentiment around BGB has turned negative for the first time since mid-November, signaling caution among investors. Weighted sentiment, a key metric, indicates growing skepticism as many traders question the sustainability of BGB’s recovery. This negativity follows December’s correction, which impacted confidence among holders.
This bearish outlook is further reinforced by a lack of optimism from long-term investors. The significant price volatility has dampened hope for a swift recovery, leaving market participants wary of committing further capital. For BGB to regain investor confidence, a clear signal of sustained bullish momentum is necessary.
Despite prevailing skepticism, technical indicators suggest the bearish trend may be nearing its end. The Moving Average Convergence Divergence (MACD) indicator shows signs of a potential bullish crossover. If confirmed, this could mark a shift in momentum, reigniting buying interest in BGB.
A bullish crossover on the MACD is critical for BGB to sustain its current recovery. Renewed momentum would provide the foundation needed for the altcoin to move closer to breaking its ATH. Without this, the uncertainty in the market could continue to weigh heavily on the price.
BGB Price Prediction: Forming New ATH
BGB’s price surged 14% in the last 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 hinges on overcoming key resistance levels.
For BGB to reach a new ATH, it must surpass the current high of $8.49. Achieving this milestone requires an 18% price increase from its current position. However, mixed signals in the market may present challenges, with resistance at this level likely testing investor commitment.
If broader market cues turn bearish or investors choose to secure gains, BGB’s price could fall below the $5.73 support. A drop to $4.90 would invalidate the bullish outlook, raising concerns about the altcoin’s ability to sustain its recovery efforts.