Bitget Token Soars Despite Market Dip, Outperforming with Launchpool Additions

Bitget's native token BGB surged 7% in the past 24 hours, reaching $1.2821. The surge coincides with the launch of the platform's Launchpool new coin mining program, including projects like MERL and DMTR. BGB's price remains bullish, consolidating within an ascending parallel channel, with a potential to reach $1.3821 if the positive momentum continues. However, profit-taking could lead to a retracement below the $1.1153 midrange, invalidating the bullish thesis.

Bitget Token Surges 7%, Outperforming Declining Market Amid Latest Launchpool Additions

In a contrasting market trend, the Bitget (BGB) token has displayed remarkable resilience, experiencing a 7% surge in value over the past 24 hours. As of 02:07 a.m. EST, BGB was trading at $1.2821, defying the broader market's downward trajectory.

The positive momentum for Bitget stems from the recent launch of its latest launchpool offering, which introduces MERL, a new coin mining initiative that has garnered significant interest. The upper limit for a single account pledge has been set at 2W BGB or 2W USDT.

In addition to MERL, the launchpool is also anticipated to list DMTR, the native token of the Dimitra technology ecosystem. This upcoming addition provides token holders with the opportunity to earn rewards through staking BGB or USDT within the mining pools.

Bitget's strategic introduction of the BGB token as a bridge towards platform expansion has played a pivotal role in its recent performance. As an upgraded platform token, BGB grants users comprehensive access to Bitget's functionalities through a singular token.

Bitget Token Price Outlook: Bullish Bias Amid Ascending Parallel Channel

The Bitget token price has established a bullish bias following the 7% surge, consolidating within an ascending parallel channel. It currently hovers within the upper section of the market range, bounded by $0.8484 and $1.3821.

Technical indicators support the bullish narrative. The Relative Strength Index (RSI) remains above the '50' centerline, indicating a market bias towards the upside. A sustained trajectory above this level could trigger a pending buy signal, further propelling the uptrend for the Bitget token price.

A directional bias in favor of the bulls could drive the BGB price upwards, potentially reaching the $1.3821 local top. In an optimistic scenario, the price could even approach the $1.4000 psychological level, representing a near 10% gain from current levels.

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