$BIO /USDT: Heavy Downtrend – Testing Critical Support
$BIO is trading at $0.6005, down -12.95%, with a 24-hour high of $0.7095 and a low of $0.6001. The RSI at 14.76 is extremely oversold, signaling a potential reversal or consolidation. The MACD confirms sustained bearish momentum.
Key Levels to Watch:
Resistance: $0.6200 – A recovery above this level could push BIO toward $0.6500 and $0.6800.
Support: $0.6000 – A breakdown below this level could lead to further declines toward $0.5700 and $0.5500.
Trade Setup:
Long Entry: Above $0.6100, targeting $0.6500 and $0.6800.
Short Entry: Below $0.6000, targeting $0.5700 and $0.5500.
Stop-Loss: $0.5950 for longs or $0.6100 for shorts.
Market Insight:
BIO is heavily oversold, and a bounce could be expected if support at $0.6000 holds. However, the downtrend is still dominant, and traders should wait for volume and confirmation before entering long positions. A breakdown below support could accelerate bearish moves.