This week has been one of the most volatile for Bitgert price. The volatility started on August 14, after weeks of it trading in a sideways market. On August 14, Bitgert price surged by 36 percent. The surge was followed by another strong and aggressive bullish move that saw prices go up by 82 percent on August 15. However, during yesterday’s trading session, the prices started to come down, and the cryptocurrency closed the markets down 11 percent.
Today, the prices started strongly, and in the early hours of the session, prices were up by more than 20 percent. However, since the early hours, Bitgert has dropped by 14 percent, and the current price gain is only 3 percent. The aggressive bullish move also looks weak, and there is a high likelihood that we might see prices going further down.
The recent Bitgert volatility has been due to a combination of factors, including the cryptocurrency’s continued growth in traction, which resulted in many investors coming into the project. The impact of more investors has been a sharp increase in trading volume, which in Bitgert’s case, has meant prices going up aggressively.
The current surge in price has also been in tandem with the improving cryptocurrency market trading conditions. As a result, Bitgert, being positively correlated with industry movement, has ended up benefiting from the upsurge and following the trend.
Bitgert has also become more competitive in the markets, competing with other projects such as Ethereum and Solana. Most new adopters of the project have also cited its low fuel and transaction costs for their switching.
Looking at the chart below, despite the past two days showing a bearish lean, my Bitgert price analysis expects the prices to continue rising. As a result, there is a high likelihood that we may see prices trading above the recent price high of $0.00000103. However, a trade below the $0.000000074 price level will indicate my analysis has been invalidated.
This post was last modified on Aug 17, 2022, 16:36 BST 16:36