Market Volatility: Bio Protocol’s Recent Surge and Potential Pullback Zones Under Scrutiny

Bio Protocol Climbs 131% in a Week: But Traders Fear This Pullback Zone

Bio Protocol has been making headlines with its astonishing 131% surge in just one week. However, as the token continues to rise, traders are growing increasingly concerned about a potential pullback.

The recent rally took Bio Protocol’s price from $0.12 to $0.264, marking a significant milestone for the cryptocurrency. Despite the impressive growth, the market is now watching closely for signs of exhaustion and correction.

At press time, Bio Protocol was trading at $0.268, a level that has triggered a pullback in the past. The token’s failure to breach this resistance on its first attempt may signal a retracement to the $0.151-$0.175 support zone.

The recent movement has been characterized by a relentless uptrend, with Bio Protocol’s 14.2% gain over the past 24 hours further solidifying its bullish momentum. The token has also broken key resistance levels over the past three weeks.

While the technicals remain predominantly positive, traders are on high alert for signs of weakness and potential profit-taking opportunities. The RSI (Relative Strength Index) has moved into overbought territory near 74, suggesting that bulls may be getting exhausted.

Historically, when the RSI crossed 80, Bio Protocol retraced. A similar pattern is seen in its recent price action, with a rejection from the $0.268 resistance level signaling potential for another pullback.

Source: ambcrypto.com