Daily Price Prediction for 16th of October: Biconomy (BICO/USD) Losing Grip Too Soon

In yesterday’s market, Biconomy bulls took control of the market. But towards the end of yesterday’s trading session, bears begin to come into the market. This bearish move spilt over into today’s trading session as traders continue to sell. Now the bullish support has held the market up at $0.4009. It looks like the bulls will not be able to sustain the trend for too long as they are already losing out

Biconomy Market Price Statistic:

• BICO/USD price now: $0.4013
• BICO/USD market cap: $83,710,321
• BICO/USD circulating supply: 209,707,962.47
• BICO/USD total supply: 1,000,000,000
• BICO/USD coin market ranking: #262

Key Levels

• Resistance: $ 0.4344, $0.4500, $0.5000
•  Support: $0.4000, $0.3500, $0.30000

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Biconomy Market Price Analysis: The Indicators’ Point of View

The Biconomy market had been in a side-way ranging market pattern since late September. It was not until yesterday that we see a very strong bullish breakout from the consolidation market. But, in the RSI indicator, we see a sharp pullback from the bullish zone into the bearish zone of the indicator. Because of this spike in the market, the price may establish higher support which may encourage another bullish market move.

Biconomy 4-Hour Chart Outlook

Apart from the first 4-hour session, from which we can still see some buying activities, the other two trading sessions that follow were completely dominated by sellers. The selling pressure in today’s market seems just as strong as yesterday’s buying pressure. If the market keeps going this way, bulls may completely lose the ground they have covered in yesterdays trading session.