Bittensor (TAO) is moving in an upward direction as the token has stabilized above key support around $235, with the bullish reversal in sight. According to CoinMarketCap, the TAO price has surged by 1.36% over the last 24 hours and 2.48% over the last week.
At the time of writing, TAO is trading at $249.00, with a trading volume of $179.23 million, which has declined slightly by 4.06% over the last 24 hours. However, its market capitalization stands at $2.7 billion, which is also up by 1.42%.
Source: CoinMarketCap
Also Read: Bittensor (TAO) Consolidates Near $263 as Bulls Aim for $360 Recovery Move
TAO Holds $235 Support, Eyes Rebound Toward $264
Furthermore, the crypto analyst nordin.eth highlighted that TAO faced a turbulent wave of FUD, dropping 37% from $375 to $235, yet showed notable resilience. Instead of breaking down, it held firmly at the bull market support band.
Sellers attempted to force a collapse, but demand absorbed the pressure, signaling underlying strength and suggesting the broader bullish structure remains intact for now.
Source: nordin.eth’s X Post
Focus shifts now to $235 as the key level for traders to watch out for. A positive candle formation with a high close above this level, along with breaking back above $264, will mark the start of a new higher low formation. This will indicate a possible turnaround for TAO to move upwards once again.
Momentum Indicators Point to Improving Strength
According to TradingView, the MACD signal suggests an early indication of a possible bullish dominance. The MACD line has crossed above the signal line, while the bars in the histogram have turned from red to light green, suggesting that the selling pressure is on the decline.
Currently, the market is going through a consolidation phase, where both lines have stabilized around the zero-equilibrium level.
Source: TradingView
RSI is standing at 53.42, indicating a neutral outlook with a slight bias towards bullishness. After a recovery from the middle-term dip into the 40’s range, the RSI has slowly moved upwards, showing that the asset is neither overbought nor oversold.
The middle position of the RSI suggests indecision among traders on which direction the asset should take.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
Also Read: Bittensor Price Analysis: Can TAO Rally to $500 After 66% Drop from Peak?
