12/9 was an inverted hammer BULLISHBiconomy has been quickly listed on many exchanges, some were surprised on twitter with how quickly it was listed on coinbase.
(Bear in mind some coins have never been listed on exchanges such as XRP/Ripple on coinbase and robinhood)
Biconomy has low gas fees and its strength lies in APIs that make it a strong Web 3.0 play, and potentially advances beyond Etherium.
This is also at a time when Etherium is gaining in popularity over Bitcoin in what has become known as the "Flippening"
In the first two days it was bought up to a high of $20 where it then sold off to find its lows.
The downtrend has slowed and there was an attempt to retry an uptrend on 12/9 when on the day it formed an inverted hammer.
The market cap on Biconomy is incredibly low at $300 Million compared to the $20 Billion of memecoins like Dogecoin and Shiba Inu.
In the sell off from its highs, $BICO lost $150 Million in market cap from $450 Million
This means that this could potentially be the lowest Biconomy will ever be.
Since starting trading $BICO has been on a red downtrend from $20 to its new and first found support of $5.
The way that the selling has slowed appears to follow an arc pattern, and should it continue it could find new highs within a month.
BICOUSD trade ideas
BICO Floor EstablishedThe floor of BICO has been established with a double bottom and a retest of $5.50. It is safe to buy and expect to see significant upward movement. Be sure to set a $5.25ish stop loss and sit back and watch this one move. The idea here is to lose small if we lose but win big if we win. Potential targets could exist in the $16-$22 range. If that is broken, $40.
BICO: The Rise and FallBICO just released on multiple exchanges on December 1, 2021. Within its first day, it had just over a $1B market cap reaching a price of $23. The next day, it quickly dumped to just under $9.
I would say it bottoms near $7 - $8 before any bullish reversal. If that doesn't hold, then I wouldn't be able to provide any additional info on this since we have no previous data.
This is not financial advice. These are just my ideas and opinions.