Monat: Juni 2022

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.

Read our complete review of eToro.

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. 

The post Biconomy price: BICO break and retest points to more upside appeared first on CoinJournal.

The Optimism price crashed hard on Wednesday as the hype died down. OP, the native token for the ecosystem, is trading at $1.59, which is about 67% below its highest level. As a result, its total market cap has slumped to about $337 million.

What is Optimism?

Optimism is one of the most popular blockchain platforms globally. It is a low-cost layer 2 platform whose goal is to scale applications created in Ethereum.

In the past few months, the number of developers embracing the platform has been in a strong upward trend. They include some of the best-known blockchain projects like Perpetual Protocol, Synthetix, Uniswap, Coinbase Wallet, and Chainlink among others.

According to DeFi Llama, Optimism now has a total value locked (TVL) of over $275 million making it the 15th biggest blockchain in the world. It has also been embraced in other market sectors like gaming and non-fungible tokens.

Optimism also runs an Ethereum bridge that makes it easy and cheap for people to handle Ethereum transactions. According to Dune, the number of users using the bridge increased from 141 on May 30th to 3,980 on Wednesday.

Learn more about how to buy Ethereum.

Therefore, the first day of July was an important one for the Optimism ecosystem as the developers launched their governance token known as OP. It was one of the most hyped airdrops in the industry. According to the developers, a total of 248,699 users were eligible for this airdrop.

The Optimism price rose earlier on after Binance announced that it will start offering the coin in its ecosystem. Now, its price is falling as many of the original buyers start exiting their positions.

Is Optimism a good investment?

Optimism price rose initially after the airdrop and then it crashed hard as many of the original buyers sell. In most cases, cryptocurrencies tend to be highly volatile when they start trading. The same is true for stocks since they tend to be a bit volatile when they get listed in most exchanges. 

At this time, it is a bit early to conduct a technical analysis on Optimism because there is not enough data to work with. Still, from a fundamental perspective, Optimism is a good platform that has more room to grow. Therefore, there is a likelihood that the price will bounce back later this month 

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Tron was one of the best-performing cryptocurrencies last month and has extended its positive performance into the new month.

The cryptocurrency market has retraced some of its earlier gains after losing less than 1% of its value in the last 24 hours. Despite the bearish performance, the total cryptocurrency market cap remains above $1.3 trillion.

Bitcoin maintains its price above $31,500 after adding less than 1% to its value so far today. Ether, on the other hand, is down by 1.6% in the last 24 hours but continues to trade above the $1,900 threshold.

However, the best performer amongst the top 20 cryptocurrencies over the past 24 hours is TRX, the native token of the Tron ecosystem.

TRX has added more than 6% to its value, outperforming the other major cryptocurrencies in the last few hours.

The excellent performance is an extension of what the cryptocurrency recorded last month. TRX is one of the biggest coins that traded in the green zone last month, with Bitcoin and others recording huge losses.

The launch of the USDD stablecoin, the Tron Grand Hackathon and a host of other initiatives pushed TRX to greater heights last month.

Key levels to watch

The TRX/USDT 4-hour chart is currently bullish, thanks to Tron’s ongoing positive performance. 

The MACD line is within the positive zone, indicating bullish momentum. The 14-day RSI of 64 indicates that TRX could enter the overbought region if the rally continues.

At press time, TRX is trading at $0.086488. If the bulls remain in control, TRX could surge past the first major resistance level at $0.0925 before the end of the day.

An extended bullish performance could see TRX reach the $0.1 level for the first time this year.  

The post TRX makes an excellent start to June after May’s rally appeared first on CoinJournal.