The Biconomy market has rebounded off support near the $0.4000 price level. Following the rebound, the market has been correcting upward. Today’s trading activity has seen the market record an additional price increase. At this point, price movement is hinting that more price increases may be seen in this market.
Key Price Levels:
Resistance: $0.6000, $0.7000, and $0.8000
Support: $0.5000, $0.4000, and $0.3000
Biconomy Rebounds Off an Elevated and New Support
The BICO market broke into the price region above the $0.5000 mark in the past three sessions with moderate vigor. However, this seems to have awakened the bears, as the market corrected downward for the next two sessions. Nevertheless, the ongoing session seems to indicate that the market may continue the previous upside correction.
Here, the last price candle on this chart has appeared above the Guppy Multiple Moving Average (GMMA) curves. By implication, this suggests that the market may continue upwards from here. Interestingly, it could be seen that the Stochastic Relative Strength Index (SRSI) has a downward trajectory after a crossover in the overbought region. However, this seems largely due to the previous downward correction seen earlier in this market, so bullish crypto signals may still be useful at this point.
BICO Bulls Appear Ready for Thrusting
The Biconomy 4-hour market seems to be indicating that price activity may be ready to continue on the upward path. Here, it can be seen that price activity has remained consistently in the hands of the bulls for the past 4 hours until now. The current session can be seen as a green price candle.
The body of the mentioned price candle appears small but can be seen contracted upwards above the GMMA indicator lines. Also, the SRSI indicator lines are still pointed upwards following the previous crossover delivered in the oversold region. Therefore, this means that the market is ready to punch its way through the $0.5500 mark in the near term and through the $0.6000 mark afterward.
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