Can Bittensor [TAO] break the $607 resistance, reach $800?
The post Can Bittensor [TAO] break the $607 resistance, reach $800? appeared on BitcoinEthereumNews.com.
TAO broke out of a descending channel, forming a bullish cup-and-handle pattern. Market sentiment aligned with bullish momentum, as technical indicators and metrics supported further gains. Bittensor [TAO] has broken out of a prolonged descending channel, sparking excitement among traders about a potential cup-and-handle formation. Trading at $525.9 at press time, the cryptocurrency has surged over 20% within 24 hours, accompanied by an extraordinary 183.78% spike in trading volume. TAO price action: Momentum builds in a bullish shift TAO’s price action has turned decisively bullish, with the breakout from the descending channel signaling the beginning of a strong upward trend. The cryptocurrency is approaching the critical resistance level of $607, which could act as a pivotal point for its trajectory. A sustained break above this level would confirm the bullish reversal and open the door to further upside, with $800 emerging as a potential target based on historical price structures and technical patterns. However, failure to breach $607 could lead to short-term consolidation, offering traders opportunities to reassess market conditions. The momentum, fueled by increasing trading volume and market enthusiasm, suggests that bulls are firmly in control for now. Source: TradingView Analyzing Fibonacci levels reveals that TAO reclaimed the critical 0.618 retracement level at $492, suggesting a continuation of its upward trend. The next significant level lay near the 1.618 extension at $660, which could become the next target for bulls. Meanwhile, the RSI stood at 52.98 at press time, indicating a neutral zone with room for further growth. Therefore, technical indicators supported the possibility of extended upward momentum, but overbought conditions could slow progress in the short term. Source: TradingView TAO social dominance rises sharply as interest grows Social Dominance for TAO has seen a sharp rise, climbing from 0.168% to 0.375%, reflecting increased discussion and awareness across platforms.…
Filed under: News - @ January 3, 2025 2:20 am