Small cap crypto Biconomy (BICO) retraces to support zone

$BICO is a small cap cryptocurrency with a market capitalization of about $300 million ranking it at about #175 for market cap.

The recent rally last week drove BICO higher up near its previous high at $6.35. This week’s corrective dip in the crypto market has held $BICO down pushing it back to old support levels. Support levels are areas where sellers stop selling and buyers start buying. The support levels can be horizontal or slanted in a trend.

We have an upward sloping trend line covering the lows of December 20-24 and BICO has returned to this level.

Additionally, we have a horizontal support line from previous swing highs near $4.16. Earlier today, BICO reached a low of $4.28 and is acting like it may want to bounce.

If the current support zone holds up (blue circle), then BICO may rally back up near the old highs near $7.50 (yellow box).

The recent bullish action provides some clues that the market is wanting to respect these support zones.

Good luck out there!