The strong rally of over 300% in August, which has raised the possibility of a cup formation, is the most notable structure on the BIO chart. With this sharp move, BIO gained strong momentum and is currently trading around $0.23.
Dish Formation
In the short term, the $0.26 – $0.30 range stands out as the first key resistance zone. This area could bring profit-taking and some price pressure. However, considering the current hype and strong trend, buyers may remain dominant even around this resistance.A move toward $0.45 could complete the cup formation in the medium term. If this pattern is confirmed, BIO may show even greater potential both technically and psychologically. A breakout above $0.45 could open the way toward $0.61 as the next major target.On the downside, $0.19 is the first support level, followed by $0.14 and $0.11. The overall bullish structure will remain valid as long as the price holds above these areas.
These analyses, not offering any kind of investment advice, focus on support and resistance levels considered to offer trading opportunities in the short and medium term according to the market conditions. However, traders are responsible for their own actions and risk management. Moreover, it is highly recommended to use stop loss (SL) during trades.
