Biconomy (BICO) Resumes Retracement Toward the $0.2800 Mark

Price action in the Biconomy market had earlier charged towards the $0.2700 mark but was beaten back by a headwind. Nevertheless, today’s trading activity seems to have returned price action in this market to its earlier upside path.

Biconomy Statistics:
BICO Value Now: $0.2623
Biconomy Market Cap: 163,579,426
BICO Circulating Supply: 624,610,465
Biconomy Total Supply: 1,000,000,000
BICO CoinMarketCap Ranking: 162

Major Price Levels:
Top: $0.2623, $0.2700, and $0.2800
Base: $0.2600, $0.2550, and $0.2500

 

Biconomy Buyers Pop Through the $0.2600 Resistance Price Mark

For eight trading sessions, trading in the Biconomy market has been occurring above the 9- and 21-day Simple Moving Average (SMA) lines. And, despite the effect of downward forces, buyers have been able to rescue the market from taking a downward path. In the ongoing session, buyers have advanced through the price resistance level of the $0.2600 price mark.

Meanwhile, the Stochastic Relative Strength Index lines have also indicated that a trend reversal has been successfully aborted, as the indicator lines resumed trending upwards above level 70 of the indicator. However, the last price candle here shows that bears are trying to push back prices. This is revealed by the upper shadow of the last price candlestick on this market.

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Bear Traders in the Biconomy Market Are Mounting Resistance Against Price Increases

On the BICO/USDT 4-hour market, it could be seen that shortly after price action popped through the $0.2600 resistance, headwinds were revived by exiting traders. Nevertheless, trading activity remains above $0.2600. The last price candlestick on this chart seems to have introduced some moderate losses in the ongoing session. Yet, technical indicators are still in favor of further price increases as trading activities in the Biconomy market continue to occur above the SMA lines.

Also, the RSI lines are still, as of now, rising into the overbought area of the indicator. However, the rejection may grow stronger if more traders exit the market, which may bring the Biconomy to trade at the $0.2550 mark. But going by technical indicators, traders may anticipate the retracement to stay on course toward the $0.2800 mark.

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