BGB, the native token of Bitget, jumped 4% in the last 24 hours, topping the gainers among the top 100 largest cryptocurrencies by market capitalization. However, several indicators suggest that this rally may be short-lived.
The Balance of Power (BoP) indicator, tracked on a 12-hour chart, points to potential price weakness. Currently at -0.12, this negative value suggests sellers are exerting more influence despite the price increase. This indicates the rally may lack strong buyer support and could lose momentum.
Another key metric adding to the bearish bias is the Chaikin Money Flow. It was reading 0.11, indicating that selling pressure outweighs buying. More trading volume is associated with price declines than gains.
BGB is currently trading at $6.44. Analysts note that if the bearish trend continues, the token could lose some of its gains. It may dive to $4.42, which is its next critical support area from Fibonacci Retracement levels.
Still, a turnaround in buyer activity could push BGB toward its all-time high of $8.50 or higher. Traders remain cautious, watching closely for signs of either renewed momentum or further decline in the coming days.
