Biconomy Token Crypto Price Chart

Biconomy token (BICO) is up an impressive 37% from the major crypto crash in relation to Terra Luna on the 12th of May 2022. Currently Biconomy is trading within a horizontal broadening channel on the price charts. This could lead to an explosive impulse upon breaking through the resistance trendline.

Some investors with a long-term strategy are beginning to accumulate BICO as it is now available on more crypto exchanges. BICO is the native token of a web3 dApp (decentralized applications) network, also known as Biconomy.

At the beginning of 2022 Biconomy had a strong start to the year trading at around $4.55. Will we see Biconomy token (BICO) make its way to recovery?

Cryptoassets are a highly volatile unregulated investment product.

Biconomy Token (BICO) Price Prediction 2022

Biconomy token has seen over 95% of its valuation wiped out during this crypto bear market. As Bitcoin is now getting closer to it’s fair value following the crossover through the 200-week moving average, investors can begin slowly dollar cost averaging into their favourite altcoin or bluechip projects.

This year, Biconomy token has declined from an overvalued $4.55 to current prices of around $0.44. Many investors believe that Biconomy token now offers a good entry because of its appealing price levels.

The investment appeal isn’t attached to just the price of the project. Biconomy token (BICO) also serves an integral role within the blockchain environment. Biconomy token strives to improve the user onboarding and transaction experience across Dapps (decentralized applications). This means their vision is to ensure web3 products are as intuitive and easy to use as web2 products.

Biconomy token (BICO) is an attractive cryptocurrency project because it offers infrastructure to solve various web3 limitations.

Biconomy Token Price Analysis

Biconomy Token Price Chart – Daily Time Frame BICO-USDT

Looking at the price analysis for Biconomy token (BICO), $0.35 now serves as a critical level of support. BICO must now respect this sensitive support level to avoid further continuation to the downside.

Currently the trajectory and trend for Bitcoin is down, which means naturally altcoins are also in a macro downtrend. With this in mind, it is hard to forecast and speculation becomes dubious in the short term.

The bullish scenario is that the Biconomy token breaks out of the broadening ascending channel and reaches a key resistance level of around $1.03. On the contrary, we could lose support of the ascending channel and print a swing low back to the $0.35 support level before seeing a bounce.

What is Biconomy Token (BICO)?

According to Coinmarketcap Biconomy token (BICO) is ranked #284 amongst other cryptocurrencies. Over the last few months we have seen a collapse in the valuation of BICO due to the bearish sentiment in the markets right now. The overall market capital for BICO is now just $70 million, making it a potential low-cap gem. This means in the next crypto bull run we could potentially see a 500-2,500% increase in price depending on the level of social and network growth the project gains.

Biconomy token (BICO) solely focuses on transaction management and gas optimization amongst various blockchains. Some of the great feats of this project is that BICO can actually reduce gas fees of up to 40%.

The protocol achieves this by utilizing meta transactions which allows users to submit transactions with zero gas. Following this, a third party pays for the transaction fees for the user. Biconomy is able to provide this at scale because it deploys a non-custodial and gas efficient relayer infrastructure network across blockchains.

Overall, I really like the concept of Biconomy Token. I’m bullish because Biconomy token offers a unique solution to a common problem in the blockchain space.

Cryptoassets are a highly volatile unregulated investment product.

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