Test (TST) has seen its price decline by 47.7% in the past 7 days as Binance’s listing tailwind seems to have faded.
This meme coin went viral after the Binance team created it to demonstrate how this type of asset could be easily minted in the Binance Smart Chain (BSC).
Groups of investors from multiple corners of the world started to pile into it and managed to propel its market cap to $192 million initially.
Shortly afterward, Binance decided to list the token on its global platform and that contributed to pushing the market cap of TST to its all-time high of $482 million.
The whole incident raised eyebrows among the crypto community and even prompted the founder and former Chief Executive Officer of the crypto exchange, Changpeng Zhao, to question the procedure that Binance followed to list assets.
Since then, the value of TST has been dropping sharply, possibly as early buyers have progressively cashed out of their positions. Despite this latest weakness, the token has performed positively in the past 30 days with gains of 260.5%.
TST Faces Critical Test as It Trades Near Key Resistance Area
As per data from CoinMarketCap, TST is trading 84% below its all-time high of $0.5244.
The chart above shows the severity of this recent downtrend, as the token has already made five consecutive lower highs since February 15.
Based on the latest price action, a break above the upper trend line resistance seems encouraging as it was accompanied by a clean bullish cross above the signal line in the Relative Strength Index (RSI).
Meanwhile, the MACD’s histogram shows that positive momentum readings have been rising as well.
The critical test for TST would be the $0.888 level. This is the most recent lower high that the token has made. For a trend reversal to be confirmed, the price must rise above this threshold in the next couple of days.
Traders can play this out in two ways. Either they take a short position as the price gets near the $0.888 if they predict that TST will reject a move above this resistance or they take a long position if they expect that the trend will reverse based on the latest momentum readings.
The path of least resistance at this point is the bearish outlook, as the market’s dominant narrative favors that particular outcome. In that case, taking a short position at $0.888 would generate the highest possible risk-reward ratio.
Meanwhile, despite the latest weakness that meme coins have experienced, the best ICOs of the year like BTC Bull Token (BTCBULL) have performed quite well.
BTC Bull Token (BTCBULL) Presale Attracts $2.5M Just 10 Days After Its Launch
Bitcoin enthusiasts have found in BTC BULL Token (BTCBULL) a fun and rewarding way to invest in BTC through a milestone-based system that rewards holders as BTC rises to higher levels.
Just 10 days after its launch, investors have already poured $2.5 million into the $BTCBULL presale event at a point when BTC is trading at $97,364.
The next milestone based on the BTC Bull Token’s roadmap is set at $125,000. At that point, token holders will be rewarded via a token burn that would shrink the meme coin’s circulating supply to foster scarcity and drive the price up.
Next up, once the price of BTC rises to $150,000, BTCBULL holders will get a direct airdrop of BTC tokens corresponding to their investment.
Up to 50% of the proceeds raised through the presale event will go toward the community through staking rewards, milestone-based airdrops and token burns, and other similar compensation schemes.
Once BTCBULL hits the exchanges, its price will likely rise as Bitcoin maximalists will favor its ethos, which involves celebrating Bitcoin’s upcoming surge to the $250,000 level. At its discounted presale price of $0.002375, the token offers significant upside potential to early buyers.
To buy $BTCBULL, head to the presale website of BTC Bull Token and connect your wallet. You can either swap ETH, USDT, or BNB or use a bank card to make your investment.
