BICONOMY Price Prediction: How Can $BICO rebound to $0.5?

• BICONOMY Price Prediction highlights the bearish trend of BICO as the prices fall into new depths
• BICO Coin recorded a loss of 51.71% in one year.

BICONOMY Price Prediction concludes the strong sell pressure in the market which is forcing BICO to carve out new lows. BICONOMY Coin is trading at $0.2400. The Market is up 0.54% in the last 24H.The 24H Volume witnessed a jump of 12.18%. The overall market cap of $BICO Token is $140,634,818.

BICONOMY Price Prediction: Breakout of a descending channel

On the daily chart, BICO token is trading in a strong downtrend. Investors are worried as the prices carve new lows. BICO crypto has lost more than 90% value from its all-time high of $8. BICO Had a good start to the year with a surge of almost 80%. The market started to weaken after a failure to break $4.8.

BICONOMY Price Prediction highlights the severe down trend which forced to breach the support of $0.2587 and make a news low of $0.20. The price witnessed a moderate recovery of almost 36%. BICO token has broken a descending channel which may help the Bulls to push the prices by 63% to $0.40.

Volatility increased: An Attempt to retest the breakout.

As per the 4H chart, the price managed to break the channel. The Volume is showing promise to support the breakout. The prices briefly pierced the resistance but the sell pressure forced prices to fall down. Market fell below the 200 EMA which can have negative effects and a further downfall.

Meanwhile, Buyers are attempting to regain momentum and push the prices higher. Technical Indicators are conveying a state of consolidation. If the prices continue to fall, they must hold the support or else BICO may create another all-time low which will drain the confidence of the investors.

RSI: The RSI indicator is currently at 49.52 on the 4H. It means the market can be sideways

MACD: The MACD is about to make a bullish crossover. The Histogram highlights the loss of momentum of the sellers. The indicator is still below the 0 lines. It represents sideways conditions

200 EMA: As observed, on the 4hr, the price is trading below the 200 EMA(exponential moving average) which acts as a significant resistance. This is a clear indication of a downtrend where the sellers are in control and for a trend reversal, the price must break and trade above the 200 EMA.

Conclusion:

BICONOMY Price Prediction concludes the strong sell pressure in the market which is forcing BICO to carve out new lows. The market is filled with trapped buyers who bought at higher prices and wanting to sell at minimum loss. This adds to the sell pressure. Meanwhile, few investors are looking to gamble as the prices are already low and the market has a good upside potential.

Technical levels

Support Levels: $0.2032- Support 1

Current Price: $0.2400

Resistance Levels: $0.2587 – Resistance 1

          $0.3467 – Resistance 2

Disclaimer:

The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.