The BIO Protocol token has demonstrated significant growth, attracting the attention of investors and analysts. We will explore the reasons and future prospects of its price movements.
Active Accumulation of BIO Token
According to data from the blockchain analytics platform Nansen, the balance of tokens held by whale wallets increased to 21.94 million, significantly up from 18.72 million recorded a week earlier. The balance held by public figures has also risen to 7.66 million, indicating strong demand for BIO.
Formation of Golden Cross on the Chart
The current price of the BIO token has been consolidating within the $0.040 to $0.100 range since early March but broke out in August following the confirmation of a double-bottom pattern on the daily chart. A golden cross is forming as the 50-day simple moving average crosses above the 200-day moving average, a strong bullish signal.
Forecasts and Potential Trends
The current price could reach the psychological level of $0.30, which also coincides with the 1.618 Fibonacci extension. However, a potential correction could occur if the price drops below $0.10, which would invalidate the current bullish setup.
The rapid rise of the BIO token and its active accumulation by investors indicate positive prospects. However, monitoring price dynamics is essential for sustained growth.
