Our Biconomy price prediction needs BICO crypto to hold the $1.30 level. The price has been in a severe downtrend since its Binance listing in December 2021. The downtrend intensified in February 2022 as the price dipped to the lows of $1.034. Nevertheless, this was followed by a major move upwards as the prices soared to $2.36 in April. Since Bitcoin has broken below $40,000 again, Biconomy price is facing a huge correction.
Biconomy is an easy-to-use relaying protocol that aims to onboard $1 billion DeFi users. The existing DeFi platform might appear to be daunting to the new users. However, BICO crypto allows anyone with very little DeFi knowledge to interact with sophisticated protocols seamlessly. It achieves this with the help of its 3 products I.e., Hyphen, Gasless, and Forward. However, any Biconomy price prediction mainly depends on the protocol’s adoption. As per the latest Biconomy news, the Cerene network has integrated it to cut gas fees for the wider adoption of NFTs.
Hyphen is a cross-chain bridge that allows near-instant asset transfers across different blockchains, leveraging its liquidity pools. Gasless is another feature that allows DeFi platforms to subsidise gas fees by bearing them on behalf of their users. Via Forward, users can now opt for paying gas fees in stablecoins.
Technical Analysis of BICO crypto suggests that the price is hanging by a thread after rejection from $2.36. At the time of writing, the Biconomy coin is trading at $1.36. Therefore, it is still almost 94% below its December 2022 ATH of $21.45. If the price closes below $1.30 on the daily chart, the bears could easily target the February lows of $1.04. Hence it is very important for the bulls to hold this key level.
For any bullish Biconomy price prediction, the price must break out of the downwards trendline making a higher high. It must also reclaim $2.38 very soon. If that happens, then the price could soar to $3 within a very short time. However, such a move must be supported by volume, or the bulls may lose momentum. Since crypto markets are severely downtrend, proper risk management is necessary before entering any trade.
This post was last modified on %s = human-readable time difference 13:42