Bitcoin Gold goes ballistic: The moon is nigh

Bitcoin Gold did not waste time consolidating the losses following the declines on Monday this week. The asset is leading the recovery with gains in the excess of 10% on the day. The ballistic move comes at a time when bulls have started to come back from hibernation. The sharp declines failed to find support at $11.00, $10.00 and $9.50. However, the price took a pit stop at $9.0 before resuming the uptrend.

It is not clear what is behind the current ballistic rise in price. However, in the last two days the assets trading volumes have been on an upward trajectory. From the lows of $3.7 million recorded on January 27 to $7 million of January of January 29. At the same time, the current volume stands at $9.6 million in the last 24-hours. The same growth is reflected in Bitcoin Gold market cap which has increased from $168 million to $184 million.

Meanwhile, Bitcoin Gold price is strongly bullish above the trendline support. It is trading at $10.93, although it opened the trading today at $9.98. BTG/USD is currently above both the hourly 50-day 100-day Simple Moving Average which will offer support in the event the trend turns bearish. The stochastic is heading north towards the overbought region and Bitcoin Gold could break above the next resistance target at $11.00.