BIO price looks poised to confirm a golden cross amid continued whale accumulation. Can it rally to $0.30 in the coming weeks?
Summary
- Bio Protocol is up over 80% in the past week and has hit a six-month high today.
- Whales and high-profile figures have continued investing in BIO.
- A golden cross has formed on the daily chart, supported by other bullish technicals.
According to data from crypto.news, Bio Protocol (BIO) rallied over 80% in the past 7 days, trading at $0.186, its highest level in six months. As of press time, its monthly gains stand at 175% while its year-to-date gains are over 340%.
BIO crypto has rallied as whales and public figures show strong demand for the token.
As per data from blockchain analytics platform Nansen, the balance of tokens held by whale wallets has increased to 21.94 million, up from 18.72 million recorded 7 days earlier and significantly higher than 2.03 million a month ago. Such strong accumulation by whales is often seen as a vote of confidence in the token’s outlook, creating a feedback loop that draws in retail investors and fuels further price appreciation.
The balance held by public figures has gone up to 7.66 million from just around 3,900 tokens held just a week earlier.
BIO token also gained traction as the balance held by exchanges dropped 11.6%, from 471 million on Aug. 15 to just over 414 million at the time of writing. A decline in exchange balances typically suggests that investors are moving tokens into their own wallets, reducing the available supply on trading platforms. This could lower selling pressure and potentially support further price gains.
A more recent catalyst that could be driving the token’s gains is the launch of Bio Protocol’s first BioAgent, Aubrai, yesterday, Aug. 21. The debut linked BIO’s utility to real biotech applications, boosting demand for the token.
BIO price had been consolidating within the $0.040–$0.100 range since early March before breaking out of this accumulation zone in August, following the confirmation of a double-bottom pattern on the daily chart—a formation typically associated with trend reversals and renewed buying momentum.
The breakout has been reinforced by the emergence of a golden cross, as the 50-day simple moving average crossed above the 200-day moving average. This signal is generally viewed as a strong indicator of sustained bullish momentum.
Supporting indicators such as the MACD and RSI are also trending higher, underscoring the strength of the ongoing uptrend.
From a technical perspective, the next key upside target lies near the $0.30 psychological level, which also coincides with the 1.618 Fibonacci extension. A move to this zone would represent an additional 67% advance from current price levels.
However, if bullish momentum weakens, a decisive drop below the $0.10 psychological threshold, closely aligned with the 38.2% Fibonacci retracement, would invalidate this bullish setup and suggest a deeper correction.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
