- BICO coin price experienced an increase of 25.92% during the monthly trading session.
- Crypto sellers are failing to maintain resistance at the 200-day EMA.
Biconomy (BICO) is a relayer multichain protocol in the decentralized blockchain ecosystem. It aims to make Web3 products that improve user onboarding and transaction experiences on decentralized applications (DApps). Biconomy provides a software development kit that developers can add to their DApp with a few lines of code to enable gasless transactions.
Important Price Movements and Trends of the BICO Coin
The BICO coin price increased more than 70% from $0.2666 support till January 2023, which reflected a positive change in the price movements. As a result, it made a bullish correction at $0.3304 support and moved almost 65% up to $0.5490 resistance.
Subsequently, the BICO coin broke below $0.3304 support due to major supply pressure at $0.5490 resistance. It fell to the $0.3164 demand level and moved to $0.4858 resistance, which may become a major trend changer level.
In June 2023, the price fell over 50% to the $0.2131 support level confirming a total shift in bearish sentiments. Afterward, it made a bearish correction at the $0.3164 breakdown level and dropped below the $0.2131 support resulting in a consolidation.
At present, the BICO coin price struck above the $0.3164 upper consolidation range, leading to a bullish shift. Although the price seems bullish in the current trading session, it still has 98.74% less value than its all-time high at $21.87.
Technical Analysis of the BICO Coin Price
The BICO coin price has crossed above the 50-day EMA at $0.2455, which gave a short-term uptrend experienced till now. However, it is facing resistance from the 200-day EMA at $0.2766. It holds the potential to turn the current price upward.
BICO coin price has given a breakout of $0.3164 upper consolidation range after the bullish reinforcement from $0.2131 support. It made some small bullish corrections at the $0.2131 and $0.2503 levels, which can play a key role in preventing the price.
At press time, the BICO coin price is trading at $0.2700 after facing selling pressure from $0.3304 resistance. However, the current price is still above $0.2666 support, which can lead to a breakout of $0.3304 resistance.
Furthermore, the relative strength index (RSI) is showing an internal bearish divergence. That indicates more strength in favor of bears in the current trading session. The RSI is moving at 56.05 above the 50-mark neutral band.
Conclusion
The BICO coin price has given a breakout of a four-month-long consolidation phase on November 15, 2023. It recently faced resistance from the $0.3304 immediate resistance level and is moving between the 50-day and the 200-day EMAs. The BICO coin price is taking support at the $0.2666 level and aiming toward the $0.3304 immediate resistance.
Technical Levels
- Resistance levels: $0.3304 and $0.3910
- Support levels: $0.2666 and $0.1929
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or any other advice. Investing in or trading crypto assets comes with the risk of financial loss.