Biconomy Price Analysis for 16th of September: BICO/USD Finds a New Direction

Updated: 17 September 2022

Disclosure

Don’t invest unless prepared to lose all the money you invest. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong.

Join Our Telegram channel to stay up to date on breaking news coverage

In the Biconomy market, buyers became strong enough to stop the downtrend on the 19th of August. The result of this was a 7 days price consolidation. On the 26th of August, bulls became so strong that they raise the price to the height of $0.6332. At this point, traders began to sell and the price began to fall again. Hence, the market tug-of-way continues. Now Biconomy is finding its new direction to the lower level as it appears that the buying pressure is weakening.

Biconomy Market Price Statistic:

BICO/USD price now: $0.4682
BICO /USD market cap: $ 89,410,743
BICO /USD circulating supply: 190,954,186.73
BICO/USD total supply: 1,000,000,000
BICO /USD coin market ranking: #256

Key Levels

Resistance: $0.4989, $0.5333, $0.5500
Support: $0.4513, $0.4251, $0.4000

Buy The Biconomy Now

Your capital is at risk

Biconomy Market Price Analysis: The Indicators’ Point of View

he bulls are making effort to come back in this market but they are not just strong enough. The Moving Average Convergence and Divergences reflected some of those bullish price recovery attempts between the 4th to 9th of September, but the selling pressure is just stronger. In today’s market, the buyers are at it again. They are trying to regain control of the market. The RSI line is trying to retrace an upper level from the lower region of the indicator. However, the MACD has not yet reflected this development. The histogram and the lines are not showing any signs of bullish price recovery.

Biconomy: BICO /USD 4-Hour Chart Outlook

This outlook supports the bullish price recovery sentiment. so far, bulls are in control of the market in the three sessions. However, the very first session may not be reckoned as an outright bullish victory because the bear drove the price back to its opening price. The strength of the bears can still be felt, but for now, the two indicators in this timeframe are pointing to the fact that buyers are coming up.

Related