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The Biaoqing price surged over 13% in the last 24 hours to trade at $0.04226 as of 12:00 a.m. EST as investors frantically buy into the meme coin.
The pump pushed the BIAO price to a new all-time high at $0.05228 before traders realized some profits, pulling the crypto’s price down more than 20% from its peak.
The Biaoqing Price Gets Rejected By A Major Resistance
4-hour chart for BAIO/USD (Source: GeckoTerminal)
The Biaoqing price was rejected by the $0.04680 resistance level in the past 12 hours. As such, the meme coin is now at risk of potentially correcting down to the immediate support level at $0.03388.
Continued sell pressure should BIAO fall to this point might result in the meme coin dropping to as low as $0.02322 in the short term. However, the Biaoqing price maintaining a position above $0.03388 for the next 24 hours could invalidate the bearish thesis.
In this alternative scenario, the crypto might attempt another challenge at the $0.04680 obstacle. Overcoming this threshold will lead to BIAO flipping the mark into support. Thereafter, the Biaoqing price could have the foundation needed to potentially rise to a new all-time high in the following 24 hours.
Sellers Could Soon Take Control Of The Biaoqing Price
Technical indicators on BIAO’s 4-hour chart suggest the meme coin’s price might fall in the next few hours. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) indicators are showing bearish signs.
The MACD line is currently positioned above the MACD Signal line. This is usually seen as a bullish indication, which could suggest the Biaoqing price is in a bullish trend. However, the MACD line is starting to collapse towards the MACD Signal line, which could be an early sign of BIAO’s positive phase coming to an end.
Should the MACD line cross below the MACD Signal line, traders might see it as a sign that the meme coin has entered a negative phase. Its price could subsequently fall in the short term.
Buyers also seem to be losing some of their strength against sellers, which is evident by the declining RSI values. Although still bullishly above 50, the negative slope of the RSI line warns that bears could soon steal the advantage from bulls.
The RSI crossing below 50 will indicate that sellers have gained the upper hand. Should they choose to capitalize on the advantage, it will be easier for them to pull the Biaoqing price down in the next 24 hours than it will be for buyers to push it higher during the same time.
If these technical flags are validated, the Biaoqing price could soon lose the $0.03388 support and potentially drop to the next key point at $0.2322.
While BIAO starts to lose some of its bullish strength, investors continue to flock to the Dogecoin derivative ICO PlayDoge (PLAY), which has already raised over $4.8 million.
Meme Coin Mania With A Touch Of ’90s Nostalgia
PlayDoge is a canine-themed crypto looking to make a splash in the flourishing meme coin space. To set itself apart from those that came before it, the project is bringing back a ’90s gaming classic, the viral Tamagotchi game.
These virtual pets were a hit back in the day, with 82 million units sold globally. Now, PlayDoge is looking to carry over this initial success into its modernized version of the gaming gem.
PlayDoge will introduce more interesting gameplay through a tokenization element that is powered by blockchain and crypto technology. Players will subsequently be able to earn rewards paid out in PLAY tokens for taking care of their digital animals.
By ensuring that their pets get enough love, food and sleep, players stand to earn more. PlayDoge will also support smartphone technology, meaning that users can interact with their virtual pets on the move to potentially accumulate more rewards.
With its combination of the vibrant meme coin space and rapidly-growing blockchain gaming sector, it’s no wonder that a Cryptonews analyst speculated that PlayDoge could be a 100X opportunity.
Rewards Not Solely Dependent On Speculative Growth
Unlike many other newly-launched cryptos, investors will not have to take a gamble and buy into PlayDoge hoping for speculative growth to start earning. In addition to the in-game rewards, there is also a lucrative staking opportunity available to presale buyers.
Anyone who purchases and locks up PLAY at this early stage gains access to a 149% annual yield.
Getting started is simple: investors can utilize the easy-to-use buy widget embedded on the project’s website. Selling for $0.0051, PLAY can be bought using either ETH, USDT, BNB or a bank card. Buy quickly if you are interested because a price hike is coming in about three hours.
Purchase and stake PLAY here for up to 149% in annual rewards.
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