BICO break and retest points to more upside

 BICO break and retest points to more upside

The Biconomy price went parabolic on Wednesday as investors cheered the growth of its ecosystem. BICO, it native token, rose to a multi-week high of $1.01. This was the highest level it has been since May 9th. It has risen by more than 153% from its lowest level in May, bringing its total market cap to about $115 million.

What is Biconomy?

Biconomy is a leading Indian blockchain project that owns two key products: Hyphen and Gasless. Hyphen is a product that helps provide instant cross-chain transactions between multiple Ethereum Virtual Machines (EVM) and layer two platforms like Optimism and Polygon. 

As a result, it helps to promote multichain composability, inter-blockchain liquidity, and improved interoperability. The project, therefore, solves the challenge of linking and onboarding multiple layer 2 platforms. It currently supports Ethereum and Polygon and the developers are building support for Arbitrum and Optimism.

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Biconomy also operates a product known as Gasless. This is a product that enables developers to build applications with a superior user experience by leveraging meta-transactions to sponsor gas for all users. According to the platform’s statistics page, the number of users onboarded to web 3 using Gasless rose to 1.79 million from 540k in January. 

At the same time, the total volume of transactions rose to over $1.6 billion in May from $1 billion in January. 95 DAPPs have been integrated in the network, which explains why the Biconomy price has been rising. 

Biconomy price prediction

On the four-hour chart, we see that the BICO price had a similar pattern to Bitcoin and other altcoins. It initially slumped in the first week of May and then started consolidating. It then made a bullish breakout this week as Bitcoin moved above $30,000. 

Biconomy rose to a high of $1 and is now attempting to retest the important support at $0.8. It also remains above the 25-day and 50-day moving averages while the MACD has moved above the neutral level. The price is also above the ascending trendline.

Therefore, the coin will likely have a bullish breakout since it is forming a break and retest pattern. If this happens, the next key resistance level will be at $1. 

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