The Bio Protocol price remains in a bull run and is hovering near its all-time high, even as the crypto market crumbled. BIO jumped to a record high of $0.1745, up by 301% from its all-time low. This article explains why the BIO price surged and why a reversal could be near.
Whale Accumulation and Aubrai Launch
The Bio Protocol token jumped as investors focused on the launch of Aubrai, its first BioAgent. Aaubrai was built in collaboration with VitaDAO, and its goal is to accelerate decentralized science (DeSci) research in fields like longevity and anti-aging.
Bio Protocol is also working on other solutions, such as FatDAO, which focuses on the obesity crisis, DogYears, which aims to increase the longevity of dogs, and Dalya, which focuses on drug development.
The BIO price also jumped as third-party data pointed to more whale buying and falling exchange reserves. Whale holdings now stand at 21.6 million, up by over 1,180% in the last 30 days.
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More data shows that public figure holdings hold over 7.79 million tokens, up by 342,146% in the last 30 days. Whale and public figure buying are usually a sign that investors are optimistic about its future, especially as investors are pivoting towards DeSci.
BIO price also surged as the amount of tokens in exchanges dropped by 8.7% in the last 30 days to 417.6 million. This supply peaked at 480 million last month. Falling exchange balances mean that investors are accelerating their movement to self-custody wallets as part of their accumulation.
Bio Protocol Price Technical Analysis
BIO price chart | Source: TradingView
Technical analysis points to a BIO price crash for a few reasons. First, the token surged after forming a double-bottom pattern at $0.04130 and a neckline at $0.1023. This pattern has a depth of about 60%, and measuring the same distance places the target price at $0.1650, where it is hovering.
Bio Protocol price has become highly overbought, with the Relative Strength Index (RSI) moving at 75. Other oscillators, such as the MFI and the Stochastic, have reached extreme levels. A pullback often happens after an asset becomes highly overbought.
Bio price will also drop potentially to retest the support at $0.1023, which is about 40% below the current level. This is known as a break-and-retest pattern and is a common continuation sign.
