The cryptocurrency market is experiencing strong growth, with Bitcoin and Ethereum leading the charge. Bitcoin has reached above $103K, while Ethereum has soared over 63% in just 30 days, reaching a new high of $2,450. This bullish trend is impacting altcoins, including Bio Protocol (BIO). 📈 📈
BIO’s monthly gains are up over 56%, currently trading near $0.086. Technical indicators suggest that an upside rally might be brewing.
**A Harmonic Pattern Indicates Potential Upside:**
The daily chart shows a potential Bearish Crab pattern forming in BIO, a widely used technical formation to identify reversal zones when the final leg completes.
This downtrend began around March 26th, with BIO failing to break above resistance at $0.1465. Price then dropped nearly 72%, bottoming out near $0.0405 on April 16 (point A). Following this decline, a retracement occurred on the BC leg, before BIO rallied from $0.055 and is currently forming the CD leg with strong upward momentum.
**Key Resistance at $0.1465:**
The final D point of the pattern is expected to be around $0.1465 — a level that aligns with the 1.618 Fibonacci extension of the XA leg, making it a significant resistance zone. If this area is successfully broken, BIO could surge 68% from its current price.
**Considerations for Traders:**
While short-term momentum favors bulls, traders should be aware that a potential reversal or consolidation might occur after hitting the D point.
The article emphasizes caution and recommends a thorough understanding of the market before investing in cryptocurrencies.