BIFI Explodes 85%, Prices may Rally to Retest $1.2k
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Past Performance of the BIFI Coin
BIFI crypto prices are recovering from all-time lows posted last week. BIFI prices lead the charts at spot rates, adding an impressive 85 percent versus the USDT in the previous 24 hours. Technically, sellers have the upper hand in the medium term from an effort versus results perspective. Prices remain within a bear breakout formation.
BIFI Technical Analysis
The immediate resistance level lies at around $1.2k. When writing, BIFIUSDT prices are within last week's trade range. However, the bullish engulfing bar of May 15 coupled with sharp spikes in trading volumes suggest strength. Accordingly, traders may look to load on pullbacks towards the $600 and $700 zone. Notably, there is confirmation of the bullish engulfing bar with a high likelihood of further gains above the middle BB. A close above this line could see the coin rally to retest $1.2k. On a more cautious outlook, a price plunge below $500 may slow down optimistic buyers.
What to Expect from the BIFI token?
From a top-down analysis, the coin is within a bear breakout formation. Still, gains above the middle BB may see the token surge by 40 percent.