Bittensor (TAO) is at a crossroads, and $295 is an important level for traders. If the bulls manage to move above this level, it can be the beginning of a bullish trend and will be an opportune moment for traders to buy. However, if the price fails to sustain above $295, the bears will be in control.
Source: X
As the market passes through a critical phase, the next few trading sessions will be decisive in setting the tone for the price of TAO. A strong reclaim above $295 will kindle hopes of a further upside, and the price may scale new heights. The market participants need to be watchful of the momentum and act accordingly in the next few trading sessions.
Also Read: Bittensor (TAO) Price Today Shows Strength After Strong Base Rebound
TAO Eyes $3,000 as Weekly Accumulation Zone Holds
Moreover, another crypto analyst, Crypto Patel, highlighted that TAO is currently trading in a highly critical accumulation range on the weekly chart, coming off a strong correction from its 2024 highs.
Technical analysis indicates that the smart money is re-accumulating at macro demand areas, indicating a strong macro buy signal. Traders are waiting to see support areas to buy into a strong move if accumulation continues.
Source: X
The weekly chart indicates a strong bullish order block at the $240-$170 level, as the price actions of the past have proved. Currently, the price is consolidating after a sweep of the liquidation phase. Crossing $490 might turn the resistances into supports, which may open the way for $1,000, $1,500, and $3,000+ levels. However, staying above $170 will sustain the macro-positive outlook.
Technical Indicators Suggest Improving Momentum
From the chart, the price action of TAO between October and January indicates a substantial rise in the price from the lower bounds of the Bollinger Bands to the upper bounds. In the first week of December, there was a sharp fall in the price, which went below the 20-day moving average, which is now at 265.27684 USD.
Source: TradingView
In January, it appears that the price is recovering, with the price moving above the 20-day MA and close to the Upper Bollinger Band. The Upper Bollinger Band, which stands at $324.33603, shows very strong resistance, while the 50-day and 100-day EMAs, which stand at $273.44005 and $285.9400, respectively, show support.
Also Read: Binance Japan Adds Bittensor Trading as TAO Recovers and Eyes $412 Next
