The post Bullish Momentum with Key Resistance Ahead appeared on BitcoinEthereumNews.com.

TAO’s price has surged significantly over the past month, driven by growing interest in artificial intelligence coins. With a recent increase of over 60%, several indicators and metrics offer valuable insights into the coin’s potential future performance. While the current EMA setup signals strong bullish momentum, the distribution pressure on TAO remains a concern that could affect its ability to sustain the uptrend. TAO Accumulation/Distribution Is Now Negative, But That’s Not as Bad as It Seems The Accumulation/Distribution value for Bittensor (TAO) is roughly -11,045, which clearly indicates heavy selling pressure over the recent period. This negative value suggests that more traders have been offloading TAO rather than accumulating it. This could lead to a bearish outlook for TAO price in the near term. The Accumulation/Distribution (A/D) metric is crucial in understanding this market behavior. It combines both price movement and trading volume to give a clearer picture of whether an asset is being accumulated (more buying) or distributed (more selling). With this strong distribution, the price is likely to face resistance in establishing a sustainable upward trend unless a shift in sentiment occurs. Read more: Top 9 Artificial Intelligence (AI) Cryptocurrencies in 2024 TAO Accumulation / Distribution. Source: TradingView. If the A/D line starts to stabilize or shift upward, it might indicate renewed interest and accumulation, potentially reversing the downward momentum. Since TAO grew more than 60% in the last month, that could lead to strong selling pressure in the short term. However, the Accumulation/Distribution metric at -11000 may not be strong enough to spark a bearish trend on TAO. It’s important to keep an eye on this metric. If it continues to go down, it could change the sentiment about the coin. TAO RSI Is Still Healthy for More Growth Bittensor’s Relative Strength Index (RSI) currently sits at…

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Filed under: News - @ September 25, 2024 10:28 pm