BIOUSDT Surges 200% in August, Correction Underway
BIOUSDT’s Explosive August Rally
BIOUSDT pumped over 200% on Binance in August, topping out at 0.3254 – a level last seen in January 2025.
A downward correction got underway during the last week of August, with the exchange rate dropping over 20% thus far.
To remind, Bio Protocol ties into the decentralized DeSci platform and allows users to tap into blockchain to fund scientific projects.
The Catalyst: Ethereum Staking Launch
The big news in August and the key driver behind the rally was the rollout of staking on the Ethereum mainnet.
Notably, through staking, investors can rack up BioXP and gain access to project launches or research data.
Experts highlight the uptick in trading volume, which should confirm the upsurge of interest in the token.
Incidentally, an additional spike in demand came from a large chunk of tokens snapped up by BitMEX co-founder Arthur Hayes.
Long-term, the consensus forecast for the token looks upbeat.
Technical Outlook: Elliott Wave Signals
Technically, an extension of the downward correction could be in the cards.
The price action could slide into the 200-day MA around 0.1250.
That said, the daily chart points to the buildup of a classic impulse wave.
The first wave captures the rally seen from August 6 to 11. It was followed by a corrective wave that accounted for 50% of the first wave.
The third impulse wave turned out to be extensive, measuring 261.8%, in line with Elliott’s Wave Theory.
The fourth corrective wave is likely playing out at the time of writing, clocking in at 61.8% of the third.
In line with this setup, the market still has one more impulse wave to go, so it stands a good chance of reaching recent local highs.
