The Biaoqing price plunged 19% in the last 24 hours to trade at $0.0219 as of 12:41 a.m. EST on a 28% drop in trading volume to $5 million.
BIAO calls itself ”the Pepe of the east” and the ”true OG of Asian memes,” and says it is now ready to conquer the Ethereum blockchain.
Biaoqing Price Declines: Will Bulls Recover Momentum?
The Biaoqing price indicates a downtrend from its peak at $0.0522. The struggle between the bulls and the bears to control the price has formed a bearish channel that signals a continuation of the bearish trend.
Moreover, BIAO recently bounced off the 50-day Simple Moving Average (SMA) at $0.032, indicating that sellers still maintain control over the price.
This bearish movement suggests that the price could drop further, heading towards the channel’s lower trendline. However, bullish support has strengthened, causing the price to consolidate within the bearish channel.
BIAOUSD Analysis (Source: Dextools.io)
The BIAO/USD 4-hour chart shows that the price remains below the 200-day SMA, reinforcing bearish sentiment. The recent crossing of the 50-day SMA below the 200-day SMA, known as a “death cross,” further supports this trend.
If buyers can gather enough momentum to break through the resistance at the 200-day SMA, there’s potential for a rally that could see the price reclaiming its previous highs.
The Relative Strength Index (RSI) is currently trending below the midpoint level of 50, indicating significant selling pressure on BIAO’s price. A rebound in the RSI towards the overbought zone (above 70) would signal strong buying pressure and a potential upward movement for BIAO.
Meanwhile, the Moving Average Convergence Divergence (MACD) shows a possible rebound from its recent lows. The blue average line has crossed above the orange signal line, suggesting bullish momentum may be building.
However, the MACD lines must cross above the neutral zero line for a confirmed bullish trend. The diminishing green bars on the histogram indicate weakening bullish momentum.
Biaoqing Price Prediction
Sellers are pushing the price down and encountering support at the lower downtrend line of the channel. If the price bounces back from this level, it could attract buyers who aim to break above the bearish channel, potentially driving the pair towards $0.04970 high.
On the other hand, if sellers manage to sustain the downward momentum below the 200 SMA, the critical support to monitor is $0.02068. A drop below this level could increase selling activity, potentially pushing the pair to $0.01553.
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