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How to Open a Long Position on Bio Coin the Shining Star of DeSci
One of the standout projects in the crypto market recently has been Bio Protocol. Bio, especially in the DeSci (Decentralized Science) ecosystem, stands out as a leading project and has shown a significant upward trend recently. It has risen approximately 300% this month. It makes a difference in the sector by offering opportunities for both scientists and investors.
So, how to open a long on Bio Coin in Binance Futures?
What is Bio Protocol?
BIO Protocol is an EVM-compatible Layer-1 blockchain network aiming to stand out in the field of decentralized science (DeSci).
What is its purpose?
It aims to enable scientists, patients, and investors to collectively finance, develop, and take ownership of biotechnology projects. This approach targets filling the gaps in traditional scientific funding, especially in areas such as rare diseases, longevity research, and emerging health challenges.
BIO Protocol was founded in 2022 by Paul Kohlhaas. The project encourages the creation and support of BioDAOs, decentralized autonomous organizations. BioDAOs are intellectual property production engines focused on specific biotechnology areas and owned by the community.
Key Features:
The platform encourages the creation of decentralized autonomous organizations (BioDAOs) operating in the biotechnology sector.
Token holders can participate in the selection of new BioDAOs and stake their tokens in projects they wish to support.
Intellectual property in biotechnology is tokenized through IP-NFTs and IP Tokens, making these assets accessible to a wider investor base and tradable.
Across the ecosystem, token holders can actively participate in the process by voting on the selection of new BioDAOs, project funding, and governance decisions
The platform aims to fill the gaps where traditional scientific funding falls short, particularly in areas such as rare diseases, longevity research, and emerging health challenges.
What is Bio Coin
BIO Coin is the native cryptocurrency of BIO Protocol and serves various functions within the ecosystem.
How to open a long position on Bio Coin in Binance Futures?
First, you need to have a Binance account.
First, we need to transfer funds to Futures, so we go to Binance, click on “Assets,” and then select “Transfer.”
Enter the amount you want to deposit and then click on “Confirm Transfer.”
I sent $200, which means the maximum I can lose is $200.
Now I will open a long position on Bio Coin.
Go to Futures.
In the Binance Futures interface, find BIO/USDT or the relevant trading pair.
Select the leverage — I’m choosing 2x.
Choose the “Market” order, meaning I want the position to open immediately.
Enter the amount.
Finally, click on “Long.”
As you can see, we have opened the position, and it already shows “Positions (1)” here.
If we want to close the position, we click on the “Close” option at the bottom right.
In this way, we open a long position on Bio Coin with 2x leverage.
Futures trading allows investors to open large positions with small capital through leverage; however, this advantage also makes it highly risky, as sudden market fluctuations can quickly erode capital and lead to significant losses
Opening a 2x leveraged position with $200 means 200 × 2 = $400, so we effectively open a $400 position. The same result would be achieved if we bought $400 in the spot market instead.
If Bio Coin drops 50% from the entry point, we could lose all our capital; therefore, instead of opening a position randomly, it’s better to identify support and resistance levels and open the position when the price reaches those levels.
If Bio Coin rises 10% from our entry point, we gain 10 × 2 = 20%, which is $40.
If it rises 50%, we gain 50 × 2 = 100%, which is $200.
However, if it falls 10%, we lose $40,
if it falls 20%, we lose $80,
and if it falls 50%, we lose all our capital.
What I have shared is not investment advice; these are my personal opinions.