Bitcoin Gold Price Prediction: Is BTG Getting Ready For A Rally?
Bitcoin Gold and Bitgem are two cryptocurrencies that share the same symbol: BTG. BTG is a cryptocurrency that split from Bitcoin to limit the power of miners who use ASICs, which are specialized devices. Anyone can mine BTG with a normal computer because it uses a different method of validating transactions.
According to CoinMarketCap, the current market cap for BTG is $309.7M with a fully diluted market cap of $371.3M, currently valuing at $17.68 per coin, trading with a decline of -5.4% in the last 24 trading hours.
“The rally’s cause is a mystery, but it might be linked to a rising interest in smaller tokens, such as meme-coins.” This is how crypto influencer “Satoshi Club” described the 37% increase in Bitcoin Gold (BTG) in a day, which reached $19—its best daily result since July 2022.
Bitcoin Gold Price Technical Analysis
BTG by CapitalMarketTimes on TradingView.com
BTG price has declined more than -41.00% in the last year and then recovered by 313% from the all-time low and is currently trading with a 7-day low/high range of $13.61/$19.22.
Bitcoin Gold is trading in a death crossover but has breached the 50-day and the 200-day Exponential Moving Average. If the rally continues on the upside, then we might get to see a golden crossover in the upcoming days, which can lead to a new uptrend in the market.
The RSI for BTG looks bullish on the charts as it is trading above the 50 level and sustaining above them. If it manages to trade above them, then the sudden spike on the price chart can become reliable and the price may sustain and we can see higher levels in the crypto.
Multi-Indicator Analysis for BTG
Source: Tradingview
Based on the technical indicators, the oscillators are acting neutral, but the Moving averages are acting positively as the market has given a sudden spike in price. We cannot totally rely on the MA’s, so we must wait for the oscillators to get bullish for further confirmation of the trend.
Conclusion
The BTG price has broken out above the falling wedge pattern and the EMA’s are also acting positively as the market has given a sudden spike in price. The RSI is also acting positive as it is trading above 50, but the oscillators are acting neutral. Therefore, we must wait for the oscillators to get bullish as it will lead to further confirmation of the trend.
Technical Levels:
- The support levels are 10.3 and 12.5
- The resistance levels are 21.6 and 26.9
Disclaimer
The analysis provided in this article is for informational and educational purposes only. Do not rely on this information as financial, investment, or trading advice. Investing and trading in stock involves risk. Please assess your situation and risk tolerance before making any investment decisions.
