Biaoqing (BIAO) Price Prediction 2024: Will BIAO Recover After 36% Drop?

The Biaoqing price continues to drop, wiping out all the ground gained between June 8 and 12. It is recording lower highs amid an ongoing sell-off.

The price of Biaoqing (BIAO) dropped sharply on Monday morning as the sell-off in the token accelerated. BIAO price is now trading at $0.01357, which is 36% lower than where it was yesterday.

What happened? The cryptocurrency enjoyed a strong rally last week, rising from a low of $0.007 on Friday to highs of $0.025 on Sunday. However, the gains were short-lived as the price quickly reversed course and started falling.

The sell-off in Biaoqing comes amid a broader sell-off in the cryptocurrency market. Most major coins declined on Monday, led by Litecoin, which fell by more than 10%. Bitcoin price also declined and is now trading at $31,500.

Is now the time to buy Biaoqing? The four-hour chart shows that the BIAO price has been in a strong downtrend in the past few days. The Relative Strength Index (RSI) has dropped to the oversold level of 30, while the Moving Average Convergence Divergence (MACD) has fallen below the neutral line.

This price action shows that the momentum for the token is to the downside. However, there is a possibility that the price will stage a rebound in the coming hours. If this happens, the next key resistance level to watch will be at $0.016.

On the other hand, a close below the immediate support at $0.01338 will invalidate the bullish outlook. The Parabolic Stop and Reverse (SAR) is also trailing the Biaoqing price from above, offering resistance at $0.02589. As long as this price-tracking indicator follows the asset from above, the outlook will remain bearish.

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