The post Bittensor (TAO) Price Aims a Breakout: What’s Coming Next? appeared on BitcoinEthereumNews.com.

Bittensor (TAO) is an open-source protocol that powers a decentralized network. Bittensor (TAO) price represented a massive spike and showed a bullish resurgence, followed by the retest of the channel’s upper edge support of $220. Amidst the mixed cues floated in the market, the token’s price action noted significant buying interest and buyers’ optimism. TAO’s performance at the start of August was bullish. It was accompanied by a 100% increase to a resistance of $350 in a single week. However, the bulls were trying to cross the cluster of $350. They have anticipated crossing the 100-day EMA mark for the next bullish leg beyond it. Based on the ongoing price action, TAO has made a fresh higher high after a couple of lower lows. It is ready to lift the gains above $400 soon. At press time, the TAO was trading at $308.20 with an intraday surge of 7.30%, reflecting bullish traction on the chart. It has a monthly return ratio of 20.30% and 29.30% yearly, reflecting short-term consolidation. Bittensor TAO price Seems Poised for Breakout: Rally Imminent? The one-day chart analysis of Bittensor reflected that a sharp upward move is on the brink. Buyers anticipated a massive breakout ahead.  A sharp accumulation in the token’s price was witnessed with the improved sentiments and significant recovery.   Afterward, the token represented a three-day winning streak, closed in green, and lifted over 100% this week. Following the classic reversal, the token reached the most crucial resistance mark of $350 and eyed the $500 mark this month. Notably, the RSI curve showed a sharp vertical spike and reverted from the oversold region. A reading of 58 hinted at the buyer accumulation on the chart.  Similarly, the MACD indicator plotted a bullish crossover and suggested a sharp bullish trend ahead. @Sleuth, in his tweet,…

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Filed under: News - @ August 11, 2024 12:12 am