Bio Protocol has surged by 131% in a week, despite a pullback from resistance at $0.268. Mid-term prospects remain bullish, with traders closely monitoring this key retracement zone.
On the daily chart, Bio Protocol has maintained a clearly bullish price structure for nearly two weeks. Transaction volumes remain high, as shown by the OBV indicator’s steady progression throughout August. The RSI even reached the overbought territory around 74, confirming the strength of the bullish movement. Historically, however, an RSI exceeding 80 has often preceded retracement phases. It’s therefore likely that a similar pullback may emerge in the near future.
Examining a 4-hour chart with Fibonacci levels, we can see that Bio Protocol could find dynamic support around the 61.8% and 78.6% levels, at $0.176 and $0.151 respectively. Additionally, short-term moving averages could also serve as support. Therefore, traders looking to enter Bio crypto would be well advised to closely monitor the zone between $0.151 and $0.175.
The two-week liquidation Heatmap shows small liquidity clusters around $0.21 to $0.216 and $0.255. These levels could constitute short-term price targets for traders. However, a Bitcoin correction below $115,000 could negatively impact price. In this scenario, the magnetic zone at $0.18 could exert downward pressure. Conversely, if Bitcoin manages to bounce back this weekend, it could strengthen market sentiment and benefit Bio bulls.
Despite potential fluctuations, Bio Protocol positions itself as a high-potential cryptocurrency for investors looking for favorable opportunities in the current market.
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