The Biconomy market enters a price consolidation trend on October 21. The bearish resistance was at $0.434. On November 3, bulls (taking their support at $0.388) attempts capturing the resistance. But the bullish price was rejected and this led to a very strong but brief bearish price breakout. It is a short-term bearish trend which was aborted by strong buying pressure.
Biconomy Market Price Statistic:
- BICO/USD price now: $0.39
- BICO/USD market cap: $68,530,071
- BICO/USD circulating supply: 220,954,117.2
- BICO/USD total supply: 1,000,000,000
- BICO/USD coin market ranking: #256
- Resistance: $0.400, $0.450, $0.500
- Support: $0.320, $0.300, $0.280
Biconomy Market Price Analysis: The Indicators’ Point of View
From a broader perspective, the Biconomy market can be said to be in a long-term price consolidation trend. The 9-day Moving Average is horizontally moving along the price chart; the price actions also move along with the MA. However, at some point, the selling pressure becomes strong enough to shift resistance levels to lower prices and this also forces the buyers to find new support. So BICOUSD can still be said to be trending downward slightly. However, the bulls market is on a recovery. The price is catching up with the 9-day moving average. Also, the RSI line is getting closer to the buy zone of the indicator.
BICO/USD 4-Hour Chart Outlook
From this timeframe, the market is now moving decisively. The bearish price breakout triggers more bullish price activities. And the bulls market is now above the two moving averages. But the $0.375 price level seems to be creating strong resistance for the bulls market. The RSI indicator suggests a weakening trend as the line continues to range at the 59 level.
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