Bitget Token Price Prediction: Top-Performer BGB Surges 7% As Analysts Say This 2.0 Meme Coin Might 100X Again

By Inside Bitcoins
about 1 month ago
TOKEN 2024 TOKEN $SPONGE BGB

The Bitget token price surged 7% in the past 24 hours to trade for $1.2821 as of 02:07 a.m. EST.

BGB has become an outlier, surging while the broader market is bleeding in the wake of the fall in the BTC price and as the Ethereum (ETH) price slips below $3,000.

The surge in the Bitget token price aligns with the launch of the latest Bitget launchpool new coin mining, MERL.

Besides MERL, the launchpool is also expected to list DMTR, which is the token that powers the Dimitra technology ecosystem. Token holders who Stake BGB or USD earn rewards in the mining pools.

Bitget, a leading global derivatives exchange, introduced the BGB token as a bridge in a longer-term objective to develop and expand as a platform. BGB is an upgraded platform token for Bitget’s users to access all types of functionality through a singular platform and token.

Bitget Token Price Outlook As Network’s Launchpool Goes Live With New Projects

The Bitget token price is trading with a bullish bias after the 7% surge, consolidating within the confines of an ascending parallel channel. It remains within the upper section of the market range, measured from $0.8484 to $1.3821. This is estimated from where selling pressure climaxed to where buying pressure topped out.

It is significant that the Bitget token price remains above the 50% Fibonacci placeholder of $1.1153 and that it has moved above the centerline of the ascending parallel channel. The position of the Relative Strength Index (RSI) above the ‘50’ centerline is also important, showing the market is leaning in favor of the upside.

If the RSI trajectory sustains, it could execute the pending buy signal, which if heeded could enhance the uptrend for the Bitget token price. Such a directional bias would send the BGB price further north, likely as high as the $1.3821 local top. In a highly bullish case, the Bitget token price could tag the $1.4000 psychological level. Such a move would constitute a climb of nearly 10% above current levels.

Bitget

TradingView: BGB/USDT 1-day chart

Converse Case

On the flip side, if BGB token holders give in to their profit appetite, the Bitget token price could retract, falling below the centerline of the ascending channel. Enhanced seller momentum could see the Bitget token price drop below the midrange of $1.1153. A candlestick close below this level would invalidate the bullish thesis.

Notice the red histograms of the Awesome Oscillator (AO) are flashing red, showing the presence of the bears in the BGB market. The outlook is worse for the Moving Average Convergence Divergence (MACD) as it is in negative territory. As if that is not enough, the MACD is below the orange band of its signal line, hinting at a possible bearish cycle in the works.

Meanwhile, analysts say there is an alternative, SPONGE V2, which could record gains of 100X after launch, just like its predecessor did during a bear market last year.

Promising Alternative To Bitget Token

Sponge V2 stands on the shoulders of its predecessor, Sponge, innovating the market with unique strategies for transaction fees, liquidity, and staking.

While Sponge V2 maintains the appealing viral meme coin aspect of its previous iteration, the second version introduces token utility, potentially resulting in sustained demand over the long run.

Sponge made its market debut in May 2023, where early investors witnessed a remarkable value surge, only comparable to what was seen in the PEPE market.

Sponge V1 surged to a $100 million market cap as token holders raked in those 100x returns. Among the drivers for this meteoric rise were the landmark listings on more than ten renowned exchanges, including MEXC, LBank, Poloniex, and Gate.io.

The team is working on arranging even more top tier listings for Sponge V2.

Investors who missed Sponge’s quick success can still seize the opportunity to invest in Sponge V2 before it launches on major exchanges.

Sponge V2 Committed To Outshine Its Predecessors

The Sponge V2 team is also developing a unique play-to-earn (P2E) game, introducing a new utility to the token. Players can earn $SPONGEV2 tokens by participating in the game and achieving high rankings on the leaderboard.

The game offers both free and paid versions, allowing users to play for fun or use Sponge V2 tokens to purchase game credits for additional passive earnings.

Sponge V2 now runs on both Ethereum and Polygon chains, a cross-chain integration that underscores its ambition to broaden its reach and accessibility. Stakers can earn annual yields as high as 165% on Ethereum and $352% on Polygon. So far, upwards of 9.801 billion SPONGE tokens have been staked.

With Sponge V2 now offering a last chance to buy before launch, the presale could end at any time.

So, if you are interested, act soon to buy Sponge V2 tokens on the official website here.

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