BGB Price Forecast: Key Highlights
1. Primary support and resistance levels
- An analysis of the daily chart showed the highest resistance at $1.20.
- The lowest level of support for BGB is $0.84.
2. Market sentiment
- Market sentiment is strong bearish, with a oversold Asset in August 2024.
3. Predictive forecasts
- Our AI/ML prediction algorithms predict that BGB can reach an average of $40 by 2028 and increase to over 3,500 US dollars until 2034.
Below you will find a detailed daily technical analysis of Civil Codefollowed by the forecast tables for the next days of the month, the following months and the year derived from our AI/ML-based forecast models:
BGB technical analysis: Bears continue their overselling streak
The Bitget Sign The 2024 price prediction reflects the culmination of a number of market dynamics, investor sentiment, and inherent volatility observed over the past few months. The period began with the token experiencing the impact of Sell-out after his All-time high (ATH) Beginning of June.
His position at 1,13 € was constantly under bearish Threat. Bulls struggled to defend this level and counter downward pressure for nearly two weeks. However, increased selling pressure led to this level being briefly breached in late June.
The bullish The resilience remained unbroken as they managed to reach this level again by the end of the month. At the beginning of July, the price rose and again tested the highest barrier at $1.20. Another rejection followed. This decline restored the previous level as resistance.
Within the first week, the asset fell to the critical $1.03 Level. Short dips below this psychological mark were contained at 0,97 €and the price recovered from the previous one. On this basis, the price showed an upward trend from mid-July.
This culminated in a renewed test of the top resistance. The liquidation patterns of the past repeated themselves and led to a return of the BGB under 1,13 €. Subsequent tests of this level were rejected in August, which exacerbated the declines. As the analysis showed, the altcoin was $0.88and is thus approaching the current support of $0.87.
Sellers’ aggression may test the resilience of the current support level. In addition, a permanent Downward trend can lead to a price decline of up to $0.84This point could prevent a further decline.
Nevertheless, given the assets oversold In this situation, the market could seek equilibrium, so an impending recovery can push the price above $1.03. If the bulls pull themselves together and start another rally, 1,13 € would be critical. A sustained buying spree could cause the token to lose its ATHwith prospects of up to 2,00 € within the year 2024.
The future forecasts for the asset also appear promising. Forecast models predict a significant trend reversal and estimate that the value of BGB will on average $40 by 2028. This potential growth is expected to continue, with forecasts showing a dramatic increase to over 3,500 US dollars until 2034.
BGB Roadmap 2024: Important indicators to observe and act on
- The Trading volume remained consistently average throughout the analysis, with no uptrend supporting the price recovery, indicating a lack of investor enthusiasm or commitment towards the asset.
- The On-balance volume (OBV) initially experienced fluctuating highs and lows. The brief rise in late June was followed by an exponential rise in early July.
- However, at the end of the month this trend reversed as the indicator started to trend downwards. At the end of the analysis it was at 4.941 millionwhich indicates increased selling pressure.
- The Directional movement index (DMI) raised the bearish Undertones with the -DI line predominant. In late June and early July it briefly fell below the ADX and +DI lines.
- This was repeated as ADX line took a dominant position in mid-July. Then the trend strength decreased while it moved down along the -DI line. After a temporary break below the +DI later in the month, the -DI Line rose again and overtook the other two.
- According to the latest data, the -DI was 45.3375the ADX at 25.0089and the +DI at 12.2340This indicated a strengthening Downward trend.
