- Bittensor (TAO) has regained a key support level and is showing strong bullish momentum with a 45% gain over the past week.
- Price is consolidating after an upward move, with support around $320 and resistance near $340.
- RSI at 60 shows slight bullish momentum, while MACD points to potential short-term consolidation.
- A breakout above $341 could trigger a rally toward $777, supported by a descending triangle pattern.
Bittensor (TAO) is gaining good momentum and has regained a major support level. Expecting some big pumps in the coming days. Over the last 24 hours TAO is up by almost 7% and in the last 7 days TAO is significantly up by 45% showing strong bullish price performance and signs for further upward movements.
TAO is in a slight consolidation after an upward move, suggesting a possible continuation pattern. the market structure shows an upward trend with higher highs and lows. key support is around $320, resistance near $340. RSI is at 60, indicating slightly bullish momentum, but MACD suggests potential short-term consolidation.
Currently, TAO is trading at $338.94 with a 24 hour trading volume of $245.44M up by 16% and market cap of $2.93B. The overall market is in bullish with BTC surge above $93k injecting fresh wave of optimism among the altcoins.
Bittensor (TAO) Chart Hints at Major Rally to $777
Crypto analyst Captain Faibik, analyzes the price action of Bittensor (TAO), featuring a chart with a descending triangle pattern, a technical formation often signaling a potential breakout or breakdown. The chart shows TAO approaching a critical trendline resistance around $341.
The analyst suggests that if TAO breaks above this resistance, it could trigger a significant bullish rally, targeting $777 in the midterm. A descending triangles can act as bullish reversal patterns when a breakout occurs, often leading to strong upward moves. The analyst highlights a pivotal moment for TAO, with the potential for a substantial rally if the breakout succeeds.
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