Ben the Dog (BENDOG) Sees Extended Gains as Bybit's Trading Competition Attracts Immense Support from the Market

Ben The Dog has seen intense purchasing pressure for the past week. The trend helped the coin hit an all-time high. Its weekly rise was about 500% and is a significant shift.

Ben the Dog (BENDOG) price continued its extended rally on Monday, soaring to new heights after Bybit’s trading competition attracted immense support from the market.

Bybit, one of the world’s leading cryptocurrency exchanges, announced a trading competition last week, inviting participants to trade a minimum of $100 of $BENDOG on Bybit in return for a chance to win exciting prizes. This marketing technique has garnered enough attention to keep prices of the dog-themed token, BENTOG, high in the present bull market.

Ben The Dog sees extended gains

Ben The Dog has witnessed a lot of purchasing pressure over the past week, which has driven the coin to an all-time high. The coin has seen a 500% weekly rise, which is a significant shift in its trend. Its 24-hour trading volume has increased by 50% during this period.

At present, it is trading at $0.05177, up nearly 1% for the day. BENDOG price has been on a bearish streak since mid-March and April, and the recent trading competition has only added to the gains that the coin experienced in previous trading sessions.

Ben the Dog (BENDOG), which combines the allure of a beloved figure with the cutting-edge potential of blockchain technology, stands out in the crowded cryptocurrency market. It pays homage to ingenuity as well as the influence of digital icons on modern culture.

A large part of the hype behind Ben The Dog is due to Bitget’s ever-expanding strategies. Among centralized exchanges, Bitget has been steadily increasing its market share in both spot and derivatives markets.

With an focus on providing users with opportunities to invest in popular and promising projects, Bitget’s spot market has seen a rapid expansion. The platform introduced over 350 new listings in 2023 alone, opening up a wider spectrum of investment options for users.

Meanwhile, Bitget Wallet supports over 250,000 coins and 100+ mainnets. Its on-chain trading function, Bitget Swap, enables cross-chain trades between 30+ mainnets.

Ben The Dog price prediction

BENDOG is currently trading within a bullish pennant pattern on the shorter timeframe. Bulls are looking at a breakout that will push the token above the pennant’s upper boundary.

BENDOG trades significantly above the 50-day and 200-day Simple Moving Averages, indicating that the bullish trend is still in place.

Moreover, the Relative Strength Index (RSI), which is currently at 67 and approaching the 70-overbought level, suggests strong buying pressure and supports the upward potential of BENDOG.

According to Ben The Dog’s price analysis, BENDOG is currently experiencing a minor pullback on the 5-minute timeframe within the bullish pennant pattern. However, there are indications of a potential rebound, which could propel the token toward a new all-time high (ATH) if it breaks out of the pennant’s upper boundary.

Nevertheless, the bears may pull the token down to the next support level, which is around $0.042, corresponding to the 50-day SMA, if the bears continue to apply pressure to push BENDOG into the pennant’s lower boundary.