Market Overview: Biconomy (BICOUSDT) – 24-Hour Analysis

• Biconomy (BICOUSDT) declined 6.7% over the 24-hour period, closing at 0.1098 after a sharp selloff.
• A large bearish engulfing pattern formed on 2025-08-24 00:15 ET, signaling bearish momentum.
• Volatility spiked early in the session, peaking at 0.1162, but failed to hold above 0.1140.
• RSI (14) dipped into oversold territory below 30, suggesting potential for a short-term bounce.
• Bollinger Bands expanded significantly during the drop, with price testing the 2σ lower band.

Biconomy (BICOUSDT) opened at 0.1139 (12:00 ET–1), hit a high of 0.1162 and a low of 0.1093 before closing at 0.1098 (12:00 ET). Total volume reached 13,977,469.05, with turnover at $1,535,918. The session was marked by sharp bearish momentum following an early breakout attempt that failed to hold.

Structure & Formations

The price action on 2025-08-24 formed a bearish engulfing pattern at 0.1146–0.1137 (12:15 ET), confirming a shift in sentiment. A large bear trap was observed as a bullish rally failed at 0.1155, with a subsequent breakdown below key support at 0.1140. A doji formed at 0.1111 (07:45 ET), indicating indecision and possible exhaustion in the bear move.

Moving Averages

On the 15-minute chart, the 20SMA and 50SMA crossed downward, reinforcing bearish bias. On the daily chart, the price remains below all major moving averages (50DMA, 100DMA, and 200DMA), maintaining a longer-term bearish outlook.

MACD & RSI

The MACD turned negative and the signal line crossed below it around 05:30 ET, confirming bearish momentum. RSI dropped below 30 by 07:30 ET, entering oversold territory. A potential short-term bounce is possible, but a sustained move higher will require a break above 0.1135 to confirm bullish intent.

Bollinger Bands

Bollinger Bands expanded as the price dropped to 0.1093, reaching the 2σ lower band. This suggests a period of high volatility with potential for a reversal or consolidation. The bands may contract again if buyers step in near 0.1090–0.1100.

Volume & Turnover

Volume surged during the selloff, with the most notable spike at 0.1143–0.1135 (21:30 ET), where $145,904 of turnover occurred. Price and volume diverged slightly at 0.1110–0.1105 (09:30–10:30 ET), with falling prices but stable volume, indicating weakening bear momentum.

Fibonacci Retracements

A 61.8% Fibonacci retracement of the recent bullish swing (0.1093–0.1162) sits at 0.1119, which may act as near-term resistance. The 38.2% level is at 0.1107, which the price is currently hovering near, suggesting a potential consolidation range.

The next 24 hours could see a test of the 0.1090–0.1100 zone, where a reversal may gain support. While a pullback is likely, a break below 0.1090 could extend the decline. Investors should remain cautious and watch for confirmation at key levels before committing to further short-term positions.