The Bitget Token price surged more than 12% over the past 24 hours to trade at $0.5517 at 8:35 am EST as investors rushed to ride the cryptocurrency’s positive weekly streak.
The Bitget Token price is up more than 9% over the past 7 days.
The Bitget Token Price: Traders May Begin To Cash In Profits
Daily chart for the Bitget Token price (Source: TradingView)
The strong move towards the upside resulted in the Bitget Token price breaking out above a medium-term positive price channel. Traders reacted positively to the altcoin escaping this channel and pushed its price to a high of $0.58871, according to data from TradingView. Since reaching this peak, the cryptocurrency has pulled back, forming a resistance level at $0.57500.
A daily candle close above this newly-formed barrier today may lead to the altcoin embarking on a journey to a new all-time high (ATH) in the following few days. However, this bullish thesis may be invalidated if the Bitget Token price closes today’s daily candle below $0.57500. In this more bearish scenario, traders may begin to engage in profit-taking activity, which could further force the Bitget Token price down in the short term.
With enough selling pressure, the cryptocurrency may attempt to retest the $0.49550 support level. This will also lead to the Bitget Token trading within the aforementioned positive price channel. Continued sell pressure at this point could then be followed by the cryptocurrency’s value dropping below the $0.49550 mark to potentially reach as low as $0.46305 through the course of the next two weeks.
Still A Chance For The Bitget Token Price To Continue Climbing
Technical indicators on Bitget Token’s daily chart have not yet reached a consensus. On the one hand, the daily Moving Average Convergence Divergence (MACD) line was still breaking away above the MACD Signal line. This could indicate that the altcoin’s strong positive momentum has not yet subsided.
A noteworthy bearish flag was on the cusp of being triggered by the daily Relative Strength Index (RSI) indicator. This suggests that buyers seem to have exited Bitget Token’s daily chart. The RSI line closing in on the RSI Simple Moving Average (SMA) line suggests a buyer strength reduction. Should these two lines cross, it may signal that sellers have gained the upper hand and could attempt to push the Bitget Token price down in the short term.
While the threat of a correction begins to loom on Bitget Token’s daily chart, Bitcoin ETF Token is quietly setting itself up to explode shortly after the first spot Bitcoin ETF (exchange-traded fund) gets approved.
Tuned In To The Spot Bitcoin ETF Wave
— BTCETF_Token (@BTCETF_Token) November 14, 2023
Bitcoin ETF Token is poised to benefit from the expected approval of multiple spot Bitcoin ETFs in the United States, which is anticipated to happen in the next few months. Not only will these potential approvals lead to a substantial capital injection in the market. It will very likely propel the popularity of Bitcoin ETF Token as well, given the project’s clever play on the phrase “Bitcoin ETF”.
Bitcoin ETF Token Will Gradually Become More Scarce
Currently selling for $0.0052, Bitcoin ETF Token’s native cryptocurrency, BTCETF, can be purchased through the project’s presale. Investors may want to purchase the token soon as its price is set to increase within the next two days.
Aiming to burn 25% of the tokens as the milestones are met.
This deflationary strategy is designed to reward long-term holders and reduce sell pressure. 📈 pic.twitter.com/zhrBVfWkbG
— BTCETF_Token (@BTCETF_Token) November 12, 2023
Bitcoin ETF Token will also become rarer following the presale since the project will implement a 5% burn tax on all transactions. This decrease in supply over time, matched with the vast hype surrounding spot Bitcoin ETFs, could lead to the altcoin’s price soaring in the next couple of months.
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