Bio price looks ready to attach a gold cross in the midst of continuous whale accumulation. Can it collect up to $ 0.30 in the coming weeks?
Summary
- The bio-protocol has risen by more than 80% last week and has reached a highlight of six months today.
- Whale and controversial figures have continued to invest in bio.
- A golden cross has been formed on the daily graph, supported by other Bullish Technicals.
According to data from crypto.news, BIO Protocol (BIO) has reduced more than 80% in the last 7 days and traded at $ 0.186, the highest level in six months. From the moment of the press, the monthly profit is 175%, while the profit of the year to date is more than 340%.
Bio Crypto has gathered when whales and public figures show a strong demand for token.
According to data from Blockchain Analytics Platform Nansen, the balance of Whale Wallets tokens has risen to 21.94 million, an increase of 18.72 million 7 days earlier registered and considerably higher than 2.03 million a month ago. Such a strong accumulation by whales is often seen as a voice of trust in the prospects of the token, creating a feedback job that is brought into retailers in retail and feeds further price rating.
The balance of public figures has risen to 7.66 million from just around 3,900 tokens that were held only a week earlier.
Bio Token also got a grip when the balance that was held by trade fairs fell by 11.6%, from 471 million on 15 August to just over 414 million at the time of writing. A decrease in the exchange balance usually suggests that investors move tokens in their own portfolios, reducing the available range on trading platforms. This can lower the sales pressure and possibly support further price gains.
A more recent catalyst that could float the winning of the token is the launch From the first bio -agent from Bio Protocol, Aubrai, yesterday, August 21. The debut connected Bio’s utility to real biotech applications, which stimulates the demand for the token.
The BIO price was within the reach of $ 0.040- $ 0.100 since the beginning of March before it broke out of this accumulation zone in August, after confirming a double bottom pattern on the Daily Chart-one that is usually associated with trends and renewed purchase momentum.
The outbreak has been reinforced by the rise of a Golden Cross, because the 50-day simple advancing average crosses above the 200-day advancing average. This signal is generally seen as a strong indicator for persistent bullish momentum.
Supporting indicators such as the MACD and RSI are also higher, which underlines the strength of the current upward trend.
From a technical perspective, the following key bath -target white is near the psychological level of $ 0.30, which also coincides with the 1,618 Fibonacci extension. A switch to this zone would represent an extra advance of 67% compared to the current price levels.
However, if a bullish momentum weakens, a decisive decrease under the psychological threshold of $ 0.10 would close closely with the 38.2% Fibonacci racement, invalidate this bullish setup and suggest a deeper correction.
Publication: This article does not represent investment advice. The content and materials on this page are only for educational purposes.
