The Biaoqing price has surged 9% in the past 24 hours to trade at $0.026 as of 8:00 UTC. Despite the price surge, its 24-hour trading volume has slumped 48% to $3.03 million.
This comes amid the anticipated listing on the world’s leading cryptocurrency exchanges, Bitget and MEXC, on June 25 at 12:00 UTC.
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New Listing – $BIAO @biaoerc20
🔹Pair: BIAO/USDT
🔹Deposit: opened
🔹Trading starts: June 25, 12:00 PM (UTC)🔥 Come and grab a share of 1,635,750 BIAO.
More details: https://t.co/oRw3hrF71W#BIAOlistBitget pic.twitter.com/g16ochk6JE
— Bitget (@bitgetglobal) June 24, 2024
A new listing on a major exchange provides easier access to a broader range of traders and investors, hence boosting liquidity.
.@biaoerc20, a memecoin on the Ethereum blockchain, is coming to #MEXCKickstarter 🚀
🗳Vote with $MX to share massive airdrops
📈 $BIAO/USDT Trading: 2024-06-25 12:00 (UTC)Details: https://t.co/bmbemrvigp pic.twitter.com/154ewVKEVX
— MEXC (@MEXC_Official) June 24, 2024
Listings on reputable exchanges can also raise a cryptocurrency’s profile and credibility in the eyes of the market, boosting legitimacy.
Biaoqing is the most famous panda worldwide and a ‘’true OG of Chinese memes’’. Moreover, BIAO has declared that it is ready to conquer the Ethereum blockchain.
Biaoqing Statistical Data
Based on Coinmarketcap data:
- Biaoqing price now – $0.026
- Biaoqing market cap – $26.12 million
- Biaoqing maximum supply – 1 billion
- Biaoqing circulating supply – 1 billion
- Biaoqing ranking – #2648
The Biaoqing price has been on a downtrend since its peak at $0.0529. The struggle between the bulls and the bears to control the price has led to the formation of a descending triangle channel in a one-hour chart timeframe.
BIAO Technical Outlook
The BIAO is trading with a bearish bias, with the bulls trying to defend against further downside. However, despite the 9% surge, the market continues to favour the downside, with multiple technical indicators supporting this thesis.
Based on the outlook, the Relative Strength Index (RSI) is suppressed below the 50 mean level, currently at 46. This basically suggests a bearish momentum in the BIAO market, as the odds are tilting towards the sellers. However, if the bulls increase momentum, they could trigger the RSI above the mean level, that is, towards the 70-overbought region, hence invalidating the bearish thesis.
Notably, the BIAO price is trading within the 50-day SMA but below the 200-day SMA. In this scenario, the 50-day SMA is the immediate support level, and the 200-day SMA is the immediate resistance level. If the bears take advantage of the case, they might drive the price below the lower boundary of the governing pattern, cementing the bearish outlook.
Moreover, the Moving Average Convergence Divergence (MACD) is below its signal line (orange band) and hovering towards the negative territory. This typically indicates a bearish momentum in the market, as the short-term moving average is below the long-term moving average.
Biaoqing price prediction: Will The Bulls Trigger A Bullish Reversal?
The one-hour chart analysis indicates that the bears have the upper hand. However, the crypto might continue to rise in the coming 24 hours, invalidating the bearish thesis.
The MACD line is still in positive territory; however, it is below the signal line. Should the MACD line break away above the MACD Signal line in the next 24 hours, it might trigger a bullish sentiment in BIAO’s market.
Moreover, if the bulls use the 50-day SMA as their support, they could trigger a bullish reversal that could drive the price past the $0.030 resistance, which coincides with the 200-day SMA. The BIAO bulls might be able to break above the $0.030 technical barrier and potentially rise to the next major resistance at $0.04733.
On the other hand, if the sellers manage to sustain the downward momentum below the 200 SMA, $0.024, which is slightly below the lower trendline, will be the next critical support to pay close attention to in the market.
Learn More
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