Bitget Token BGB Jump 16% Pass $5 Because E Get Burns & Chainlink
Bitget Token (BGB) don jump 16% enter trade pass $5 after e reach $5.44, as dem dey burn tokens and join Chainlink Proof of Reserve. Daily gain pass the weekly 5% because supply don reduce and transparency don increase, wey make confidence strong. For hourly chart, BGB make price gap from $4.81 go $5.13, convert $4.81 to support, and dey target $5.82 as next resistance on the road to $6. Technical indicators dey support the bullish trend: MACD don turn positive after e dey bearish since late August, RSI climb to 67 before small cooldown, mean say e still fit go up. Derivatives market too dey show bullish vibe, with high leverage longs (25x–50x) dey scatter between $4.44 and $5.20, and long liquidations reach $38.77 million vs $6.85 million for shorts. But centralization risk still dey. CoinMarketCap data show say 72% of BGB supply dey inside 10 wallets, with biggest one holding 22%, e fit cause concern for price manipulation. Traders suppose balance the strong BGB price momentum with governance and volatility risks.
Bullish
Di 16% jump wey Bitget Token get na strong buying energy, supported by supply wey don reduce because of token burns plus better transparency through Chainlink Proof of Reserve. Technical signs like bullish MACD crossover and RSI bounce show say e get room for more upside, while plenty people put high-leverage long positions and big long-side liquidations show say traders dey confident. Past similar rallies, like after big token burns for exchange platforms, bin trigger sharp short-term gains. But, 72% of BGB supply dey concentrated inside only 10 wallets, this one fit make sharp quick sell-offs possible, fit hold back steady long-term growth. For short term, traders fit target resistance levels around $5.82–$6, but dem need to watch whale activity and put in stop-loss orders to manage wahala from volatility.