FX168 Financial News (Hong Kong) - Billionaire Elon Musk released a "Hat Dog" tweet in the early hours of Monday (March 18) Asian time, attracting over 24 million views and stimulating a daily increase of over 35% in WIF memes. This means that the market is following historical conventions, as BAICION begins its bull market and its upward cycle shifts from mainstream cryptocurrencies to counterfeit and meme currencies.

Musk released a photo of a dog wearing a hat to celebrate St. Patrick's Day.

The Dogwifhat under the Solana public chain has once again been sought after by the market, with a daily increase of over 25%. It rose to $3.03 in the Asian market on Monday.

The total market value of Minion has recently surged by about 9.5%, almost reaching $66 billion. Dogecoin (DOGE) and Shiba (SHIB) stood out in this wave of price increases, with Dogecoin, as the ancestor of memes and currently the 9th largest cryptocurrency, skyrocketing in price by over 7% after Musk hinted that Tesla would accept Dogecoin payments. Although the increase is relatively moderate, Chaigou Coin has steadily increased in the past month, with a cumulative increase of 240%.

Chaigou Coin has recently shown interesting trends in the market, with Google Trends data showing a surge in popularity, reaching a new high since December 2021. Singapore, the United States, the Netherlands, Canada, and Belgium have particularly high search volumes, with the most search terms related to Chai Kui coin including its price, price forecast, and latest news.

This popularity is in sync with the price performance of Chai Gou Coin, which successfully held onto the key support level of $0.00003. On chain data shows a key factor behind the resilience of Chaigou Coin, with existing holders significantly reducing selling pressure in early March, with approximately 7 billion Chaigou Coins, or approximately 230 million US dollars, being transferred from trading wallets to long-term storage.

This indicates that the collective is unwilling to sell Chaigou Coin at the current price, indicating strong emotions among holders.

After experiencing a panic and sharp decline before last weekend, BAICION continued to recover at $68000 on Monday.

Analysts expect a slight adjustment in prices as they believe that lower levels will attract significant purchases of BAICION spot ETFs. Thomas Fahrer, CEO of Apollo, a review portal, stated that this decline is a "bear market trap".

The strength of the rebound will allow the market to better understand whether the adjustment has ended, and a weak recovery indicates sustained selling pressure from bears, which increases the possibility of further pullbacks. On the other hand, a strong rebound will indicate a lower level of active buying and enhance the prospect of recovering an upward trend.

Analysis of BAICION Technology

CoinTelegraph stated that BAICION experienced a significant pullback from $73777 on March 14th and fell below the support line of an upward channel on March 16th.

The bulls are trying to stop the decline of the 20 day moving average of $65564, but they may encounter resistance at the breakdown level of the channel. If the price drops sharply from the current level, the risk of a decline will increase.

If the 20 day moving average yields, BAICION may fall to $59000 and then to the 50 day simple moving average of $55303.

If bulls want to prevent a decline, they will have to push prices back into the channel, indicating strong buying at lower levels. Breaking through and closing at $73777 will indicate a recovery in the upward trend. Subsequently, the currency pair may rebound to $80000.

The moving average has completed a bearish cross, but the relative strength index (RSI) has risen significantly, indicating that selling pressure may be easing. The 20 day moving average may witness a tough battle between bulls and bears.

If the price drops significantly from the 20 day moving average, it indicates that bears are selling at high points. BAICION may slide towards a strong support level of $64500. If this level breaks, the currency pair may plummet to $59000.

The first sign of strength will be to break through and close above the channel support line, followed by BAICION possibly climbing to $70650 and then to $72420.