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Traders in the BICO/USDT daily market have continued to record gains for the second trading session in a row. Also, trading indicators have remained in the green concerning prices gaining more upside traction. Let’s take a closer look at this.
Biconomy Statistics:
BICO Value Now: $0.2480
Biconomy Market Cap: $153,624,857
BICO Circulating Supply: 624,610,465
Biconomy Total Supply: 1,000,000,000
Biconomy CoinMarketCap Ranking: 164
Major Price Levels:
Top: $0.2480, $0.2500, and $0.2550
Base: $0.2440, $0.2400, and $0.2350
Biconomy Bulls Sustain an Upside Correction
As earlier mentioned, traders in the BICO daily market have kept on recording moderate profits for the second trading session in a row. Looking at the daily chart, one can see that the price candle that represents the ongoing sessions has raised the token’s price above the two sets of the Guppy Multiple Moving Average (GMMA) curves.
Also, the shadow of this candle is already crossing the $0.2500 price mark. Meanwhile, the Moving Average Convergence Divergence (MACD) indicator seems to be rising more vigorously in this session. Also, the bars of this indicator are green and taller than the ones for the previous trading session. As a result, this tends to strengthen bullish hopes in this market.
BICO Bulls Will Have to Overcome Bearish Pressure at this Point
Extending our scope to a much smaller Biconomy 4-hour market, one will see that bears are lying in wait for bulls. Therefore, there may be a tough battle in this market above the $0.2480 price mark. The last price candle here is a bearish one, although it seems to be retracting, and still holds some terror for the ongoing session.
Additionally, despite its appearance, price action remains above the GMMA curves. Nevertheless, the indications coming from the MACD cannot be ignored. Here, we can see that the last histogram bar is now pale in appearance. Consequently, this reveals that bullish pressure is seeking dominance. However, the fact that trading is now occurring above the GMMA strengthens the opinion that prices may proceed toward the $0.2550 mark.
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