BNB Announces TAG Purchase: Token Turns Parabolic - Coinspeaker

Key Notes

• BNB Chain buys 40 million TAG tokens under its revamped $100M incentive program.
• TAG defies broader crypto market correction with a 9% daily gain.
• The token has recorded an 80% surge in 24-hour trading post-announcement.

While most of the crypto market shows signs of cooling on Tuesday, Tagger (TAG) is trending on exchanges with a strong 9% daily surge. The cryptocurrency is trading around $0.0006421 with a market capitalization of $69.6 million.

The rally follows BNB Chain’s

BNB $759.8

24h volatility: 2.6%

Market cap: $110.86 B

Vol. 24h: $2.00 B

announcement that it has purchased over 40 million TAG tokens from TaggerAI for $25,000 under its upgraded $100 million incentive program.

This acquisition comes as the BNB Chain makes a strategic shift in its incentive approach. Notably, BNB Chain recently decided to move from broad incentives to direct token purchases from projects with active user bases and proven market traction.

Previously, BNB Chain piloted the program to drive innovation across its network but faced challenges in generating sufficient traction.

The updated model now buys tokens from projects with market caps above $1 million, daily trading volumes of at least $200,000, and protocols with strong Total Value Locked (TVL) metrics.

TaggerAI was launched in December last year as a full-stack decentralized AI data platform on BNB Chain. The token has seen its 24-hour trading volume jumping 85% to $55.86 million following the announcement, reflecting growing investor confidence.

TAG Price to $0.0007?

On the 4-hour chart, the TAG price is hugging the upper Bollinger Band, signaling strong bullish momentum. The bands are widening, indicating potential continuation if price sustains above $0.0006200 support.

Key resistance sits at $0.0006500 and a breakout above this level could lead the token to $0.000700.

TAG price chart with RSI and Bollinger Bands | Source: Trading View

The RSI is nearing the overbought threshold without exhaustion, suggesting room for further upside for a penny crypto with 1000x potential. However, traders should be cautious of potential pullbacks if the RSI surges further.

Meanwhile, the MACD line remains above the signal line with widening histogram bars, confirming bullish momentum. However, the flattening histogram hints at slowing momentum, warranting caution near resistance.

TAG price chart with MACD | Source: Trading View

If TAG drops below the $0.0006200 support level, it could see a retest of the $0.0005800 support area.

Technical analyst AlienOvichO recently noted on X that TAG has been forming a rising wedge on the daily chart since mid-June. He expects price to continue its upward rally, setting a price target of $0.00077 in the near-term.

nextDisclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.