Biconomy (BICO) Sees a Modest Bounce Back

The Biconomy token has experienced a notable rebound from its bearish path. As a result, the token posted a 14.25% price increase. The corresponding price candle for the current session suggests that more recovery may be seen in the market, given the level of progress already recorded.

BICO Statistics

Current Price: $0.0614

Market Capitalization: $59.56M

Circulating Supply: 993.37M

Total Supply: 1B

CoinMarketCap Rank: 407

Key Price Levels

Resistance: $0.0650, $0.0750, $0.0850

Support: $0.0600, $0.0500, $0.0400

BICO Bubbles Through the 9-Day EMA

The Biconomy token has been on a long-term downtrend. Over the past six months, its price has seen a steady decline. However, today the token has registered a notable recovery, allowing the market to bounce back through the ceiling formed by the 9-day Exponential Moving Average (EMA) line.

Furthermore, the Stochastic Relative Strength Index (SRSI) indicator lines have shown a sharp upward deflection, with the lines now trending upward toward the 70 level of the indicator.

Biconomy Price May Extend Upside Movement

Examining the token’s price action on the 4-hour chart, it can be observed that price activity has risen significantly above the 9-day EMA curve. Also, the last price candle on the chart appears to be under less pressure from sellers, given its bold appearance.

Meanwhile, the lines of the SRSI indicator have risen sharply and are now deep into the overbought zone. While this is a positive signal, it also suggests that traders should consider setting nearby targets — perhaps around the $0.0700 price level.

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