Our Biconomy price prediction suggests that the BICO crypto price could double soon in case of a strong bounce. On the weekend, the BICO price faced rejection from the $2.37 level after a strong bounce off the $1.15 level. Nevertheless, the price has found some support from the $1.56 level. This is also the 0.618 Fib level that comes by connecting $2.37 high and $1.15 low. A bounce from current levels could send Biconomy price to stellar.
What Is Biconomy?
Biconomy is a next-gen multi-chain relaying protocol. It aims to make Web 3.0 easier and accessible for everyone. Before our Biconomy price prediction, let’s have a look at what the platform has to offer. Biconomy crypto allows anyone with very little knowledge of on-chain transactions to benefit from its features. Users can transact across different chains with lower gas fees by using Hyphen, Gasless and Forward products.
Hyphen is a cross-chain bridge that can transfer digital assets between different EVM compatible chains. Dapp developers can now bear the user gas fees by using Gasless. Forward is another Biconomy product where users can pay gas fees via stablecoins.
Latest Biconomy News
As per the latest Biconomy news, it is working with Exiled Racers to power first near gasless NFT minting on Moonbeam. According to Coingecko, there is currently a $16 million TVL locked on the protocol. Therefore, any Biconomy price prediction must also take into account the TVL stats as well. Currently, the Biconomy coin has a market cap of $196 million and is hence at 296th place on Coingecko.
Biconomy Price Prediction
Technical Analysis of Biconomy token price chart shows a clear rejection from the $2.37 level. Biconomy price has been correcting since the start of the week and now trading at $1.59. This depicts that BICO crypto is still 92.5% down from its December 2021 ATH of $21.45. The price seems to have found good support around $1.15 as it bounced off this level multiple times.
Biconomy coin must hold the Fib golden pocket $1.56-$1.52 to meet our bullish prediction. A strong bounce from these levels could make $3.07 a valid Biconomy price prediction in the short term. However, any close below $1.50 could make the BICO price retest the support around $1.15.