$0.55 is the only resistance holding Bico from reaching new highs. We can see two scenarios based on the market:
1. If we see a green market, Biconomy can try to break this resistance. If it succeeds in breaking it, the price can have a pullback to $0.35, then we can wait for $1 or even $2.
2. If it fails to break the resistance, we can see new lows with potential targets of $0.10 - $0.095.
However, if we don't see an attempt to break the $0.50 resistance (if Bico fails to break the lost support at $0.30 and also loses $0.25), the price can go down to $0.19, then a pullback for breaking $0.30 can be expected and if it fails then the second scenario targets are expected.
For now since Bico is holding on to the $0.25, it is a good buying opportunity.
Dyor
1. If we see a green market, Biconomy can try to break this resistance. If it succeeds in breaking it, the price can have a pullback to $0.35, then we can wait for $1 or even $2.
2. If it fails to break the resistance, we can see new lows with potential targets of $0.10 - $0.095.
However, if we don't see an attempt to break the $0.50 resistance (if Bico fails to break the lost support at $0.30 and also loses $0.25), the price can go down to $0.19, then a pullback for breaking $0.30 can be expected and if it fails then the second scenario targets are expected.
For now since Bico is holding on to the $0.25, it is a good buying opportunity.
Dyor
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.