Biconomy Crypto Asset Displaying Bullishness, For How Long?

Biconomy is a multichain relayer protocol that has the objective of improving the user onboarding and transaction experience on decentralized applications (DApps). 

It is also backed by several renowned blockchain venture capitalists, including Coinbase Ventures, Binance Launchpad, Mechanism Capital, and Huobi Ventures.

This protocol offers unique solutions to common problems in the blockchain space. 

For many reasons, the experience with decentralized applications is not as smooth as with web2 applications. For example, Web3 apps require gas fees, but there is no equivalent fee for using Web2 apps. 

Gas fees on the Ethereum network are always paid in ETH, although users may not want to use Ether. Additionally, attracting new users can be difficult due to the skills required to use web wallets, sign transactions, and understand the complexities of gas. 

Biconomy crypto solves this problem through a network of relay infrastructures that are already used by multiple protocols. Curve Finance uses Biconomy to conduct meta transactions and gas-free BTC deposits. In this case, users can use their idle BTC to provide liquidity without having to pay gas to exchange it for RENBTC. 

The perpetual protocol offers gas-free trading for traders on the xDAI chain thanks to Biconomy. Besides, users can enjoy blockchain-agnostic transactions since they do not need to change the RPC URL in their web wallet. 

Decentral Games eliminates gas costs with Biconomy, providing users with a seamless gaming experience. Players only need to receive in-game currency and do not need to store MATIC for transactions on the Polygon blockchain used by Decentral Games.

Sapien Network is a social blogging platform that allows gas-free transactions. New bloggers can trade SPN on the platform for free. The Biconomy crypto enables gasless trading by providing a software development kit that developers can add to their DApps with a few lines of code.

Biconomy requires users to sign every conversion with their private key, making it storage-free and trustless. 

Signed data is transmitted by Biconomy and cannot be altered on the network. Additionally, this platform plans to gradually decentralize to ensure greater security in the future.

Can Biconomy Crypto Sustain the Gains?

The BICO crypto price declined by 0.74% over the last 24 hours, and was trading at $0.3519 at press time. It is on the verge of a stunning breakout, as it prepares to shatter the resistance level and fly to new heights from the current levels.

However, if the demand for the BICO Token remains high, the asset price could bounce back from the current level. The next goal for the BICO price is to reach $0.4000.

The Biconomy crypto asset is displaying bullish behavior and it clearly has room to surge. It performed welll in the past week and past one month, by 13.87%, 36.48%, and 72.19% respectively, indicating a robust upward trend. 

The Biconomy crypto’s bullishness is further confirmed as it is above major EMAs. However, if the BICO crypto price fails to stay above the $0.3000 level, it could decline further.

Summary

The BICO crypto is on the verge of a stunning breakout, as it prepares to shatter the resistance level and mark new heights from the current support zone.

If the demand for the BICO token remains high, the asset price could bounce back from the current level. The next goal for the BICO price is to reach $0.4000.

Technical Levels

Support Levels: $0.3000

Resistance Levels: $0.4000 

Disclaimer

In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.

Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.