Biaoqing (BIAO) Price Prediction 2024: Will BIAO Recover After 40% Surge?
- 王林Original
- 2024-07-16 00:47:16878browse
The Biaoqing price surged 40% over the past 24 hours to trade at $0.01162 as of 12:00 a.m. EST. With this meteoric rise in the last trading day, the BIAO price was able to push its monthly performance out of the red zone. As a result, the meme coin is up more than 10% over the past 30 days.
The Biaoqing (BIAO) price is showing signs of a potential breakout from a consolidation channel, but technical indicators are sending mixed signals on the 4-hour chart.
The meme coin has surged 40% in the last 24 hours and is now trading at $0.01162 as of 12:00 a.m. EST. With this surge in the last trading day, BIAO has managed to push its monthly performance out of the red zone. As a result, the meme coin is up more than 10% over the past 30 days.
Biaoqing (BIAO) Price Analysis 4 Hour Chart – June 12, 2024
The 4-hour chart for BIAO/USD shows that the meme coin has been consolidating between the $0.00704 and $0.01675 levels over the past couple of days. This period of sideways trading could be an accumulation phase before a strong move up.
BIAO overcoming the $0.01675 resistance level might be a confirmation of this potential bullish move. Should the meme coin clear this technical barrier, it could have the space needed to rise to the next major mark at $0.02750 in the following 24 hours.
On the other hand, the Biaoqing price getting rejected by the $0.01675 resistance level in the next 12 hours might invalidate this bullish thesis. Traders could then begin to reduce their exposure to the crypto in an attempt to mitigate risk.
Should a wave of sell volume hit BIAO’s charts, it might push the meme coin’s price down to the aforementioned $0.00704 price point. This will be a key level to watch, because falling below this mark could lead to the Biaoqing price falling to as low as $0.00114 in the short term.
Technicals Warn The Biaoqing (BIAO) Price Is Losing Its Bullish Support
Technical indicators on BIAO’s 4-hour chart are currently sending mixed signals, which suggests the meme coin’s price could go either way. The bullish signs shown by the Moving Average Convergence Divergence (MACD) are accompanied by a warning of diminishing buyer strength from the Relative Strength Index (RSI).
Throughout the past day of trading, the MACD line crossed above the MACD Signal line to indicate that BIAO has entered a short-term bullish phase. This technical occurrence was followed by the recent surge in the Biaoqing price.
Meanwhile, RSI readings have dropped over the past 8 hours and have also formed a double top, which might be an early sign of a bearish trend reversal. The RSI is still positioned above the 50 benchmark, which suggests that bulls maintain an upper hand against bears. However, the RSI dropping below 50 could signal that sellers have stolen the advantage.
The MACD line has also started to level off above the MACD Signal line, which could indicate that BIAO’s bullish momentum is starting to cool off. Since this is happening as the meme coin approaches resistance, traders might want to prepare for a possible drop in the Biaoqing price.
To prepare for this potential drop in the Biaoqing price, traders might shift into AI meme-coin WienerAI (WAI), which is one of the most successful presales this year.
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