Biconomy (BICO) Market Stays Poised for a Breakthrough of the $0.4000 Resistance

As the Biconomy token continues to record gains, this coin has seen an impressive price increase of 12.53% as of today. As a result, it ranks as the second most profitable coin as of the time of writing. Currently, its price action suggests that the market is poised for a breakthrough of the resistance price level at the $0.4000 mark.

Biconomy Statistics:

BICO Price: $0.3827

Biconomy Market Capitalization: $327.26M

BICO Circulating Supply: 881.62M

BICO Total Supply: 1B

Biconomy CoinMarketCap Rank: 191

Key Price Levels:

Resistance: $0.4000, $0.4500, $0.5000

Support: $0.3500, $0.3000, $0.2500

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Biconomy Buyers Are Increasing

The ongoing session in the BICO/USDT market stands as the most profitable session in recent times, specifically since November 7th. The price candle corresponding to the ongoing session appears significantly bullish while appearing above all the Moving Average (MA) lines.

Also, the Stochastic Relative Strength Index lines can be seen retaining a strong upward trajectory ever since their bullish crossover above the 20 mark of the indicator. The contractions seen on the last price candle still seem modest. Therefore, this market still has considerable upside potential, as buyer strength may increase in subsequent sessions.

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Upside Forces Have Good Grounds to Break the $0.4000 Mark in the BICO Market

The Biconomy 4-hour market can be seen still progressing upward in the ongoing session. The latest price candle looks much bigger than the previous ones, and as such, signals that upside forces are quite strong now. Price action stays above all the MA lines, while the Stochastic RSI here has delivered an upward crossover roughly at the 50 mark of the indicator.

The resulting lines are steeply rising upwards and seem not as hyper-extended as they appeared on the daily chart. Technically, this suggests that the market strongly eyes the next psychological resistance at the $0.4000 mark. The market may afterward approach the $0.4500 mark.

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