Biaoqing Price Prediction: BIAO May Still Soar Past the $0.03510 Resistance Level (50-Day SMA)

The Biaoqing price technical analysis indicates that BIAO is currently on a slightly bearish trend, but still trades within the ascending triangle pattern.

The price of Biaoqing (BIAO) dropped 10% in the last 24 hours to trade at $0.02991 as of 10:23 p.m. EST on Monday. This comes despite BIAO being the top meme coin gainer in the past week with a 157% surge, according to CoinGecko.

The token price dropped sharply on Monday despite the meme coin seeing a buying spree over the past week, which saw it rise over 1,400% from last week’s opening price of $0.0020.

The token price soared over the past week following its listing on Binance last Monday, which saw it rise to hit an all-time high (ATH) of $0.0515 on June 16.

However, the price of BIAO has since retraced from the ATH, and is now trading down over 41% from the peak.

Biaoqing Price Set For A Strong Trend Reversal Over The Ascending Triangle

A look at the technical analysis chart for Biaoqing shows that the token has been on a strong trend reversal since its launch at the beginning of this month.

The token price rose through a markup phase to hit the ATH, and has since been hitting lows and higher highs, fluctuating within the ascending triangle pattern.

The price of BIAO is trading well above the 200-day Simple Moving Average (SMA), a confirmation that the token is set to still soar in the long term.

If the bulls sustain this stance, the price of BIAO may still soar past the $0.03510 resistance level (50-day SMA).

However, the price of Biaoqing has retraced to the lower boundary of the triangle, and with it, the Relative Strength Index (RSI), which is hurtling towards the 30-oversold level, currently trading at 38.

Biaoqing Price Prediction

The technical analysis of the Biaoqing price shows that BIAO is currently on a slightly bearish trend, but still trades within the ascending triangle pattern.

The bulls may capitalize on this to push the token above towards the upper boundary of the triangle as they target a new ATH at $0.075.

Moreover, with the RSI crossing oversold levels, the bulls may start buying more, which may push the token higher.

Conversely, if the bears continue exerting more pressure at this level, the token may breach the $0.02960 critical support to push the token below the triangle, with the bulls retreating to the next support zone at $0.02239.

Meanwhile, as the ‘Pepe of China’ gears up for a bullish rally, other investors are buying into the new meme coin presale Pepe Unchained (PEPU),

YouTube channel 99Bitcoins says PEPU is one of the best cryptos to buy now, and has the potential to soar 100X after its launch.

News source：

https://www.kdj.com/cryptocurrencies-news/articles/biaoqing-price-prediction-biao-soar-resistance-level-day-sma.html🎜

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