BGB price enters $1.06, after losing 50% in the last 24 hours.
Officials have assured to compensate the affected assets.
The overall crypto market is moderately gaining as the prices are highly volatile. The largest cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH) have spiked over 2% over the past 24 hours. Amid this, the Bitget Token (BGB) has experienced unexpected volatility and declined over 50%. However, the price has quickly stabilized.
Gracy Chen, CEO of Bitget, announced that the incident is under investigation, also assured the users to compensate for any asset losses, and will provide a compensation plan within 24 hours, completing the compensation process within 72 hours.
The incident is still under investigation, but I want to assure everyone affected that we will not let any Bitget users suffer losses. We will propose a compensation plan within 24 hours, and the compensation process will be completed within 72 hours. We sincerely apologize… https://t.co/1TrJK48wq8
— Gracy Chen @Bitget (@GracyBitget) October 7, 2024
At press time, the BGB price recorded a loss of 0.19%. The asset fell from a peak of $1.14 to a low of $0.79. The reason behind the decline is unknown, and it left the traders anxious. Currently, BGB traded at $1.06, with its daily trading volume increasing by 55% to $77 million, as per CMC data.
What’s Ahead for BGB?
BGB continued its upward momentum over the past month of 13.40% gain to the last seven days, which spiked over 2.28%. The asset slipped from $1.04 to a low of $0.96. Eventually, BGB climbed up to hit $1.07.
The technical chart of BGB displays the short-term 9-day and the long-term 21-day moving averages at $1.04 and $1.02, respectively, below the current price momentum. The asset is staying in the neutral zone, as the daily relative strength index (RSI) is positioned at 62.49.
BGB price chart (Source: TradingView)
Looking ahead at the four-hour price chart, BGB is likely under crucial pressure to break through the current price levels. If the bear hold strengthens, the immediate support level might be found around the $0.93 range. On the other hand, if the asset regains the upward momentum, BGB could test the initial resistance at $1.18.
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