Bittensor (TAO) has interested the crypto community, as bullish trends indicate continued price expansion. According to an analysis by Altcoin Sherpa and CryptoLax, the token has seen strong upward movement over the past two weeks, with both analysts highlighting key price levels and potential trends.
At publication, TAO trades at $455.88, marking a 6.25% rise in the last day and a 40.55% increase in the past week. The token’s breakout from recent consolidation patterns suggests a solid bull trend.
Key Price Levels and Breakout Patterns
Altcoin Sherpa’s analysis identifies critical price levels for TAO, noting that the token has broken out from its previous range, which was bounded by $355.46 and $197.69. TAO recently bounced off the $355.46 support, confirming a breakout and a subsequent bullish trend.
$TAO never dropped to the range low. Expansion and clear bull trend now IMO, dips are for buying. https://t.co/ZDllyacUdu pic.twitter.com/wWZpnIBTQO
— Altcoin Sherpa (@AltcoinSherpa) September 22, 2024
The price has now reached $455.88, approaching immediate resistance at $466, which represents a key point of potential consolidation. The range low of $197.69, which the token did not test, suggests strong buyer demand at higher support levels.
Altcoin Sherpa points out that any pullback toward $355.46 would likely be met with additional buying, reinforcing the bullish outlook.
Bullish Continuation and Fibonacci Levels
CryptoLax provides further insights, noting that TAO has gained 100% in value over the past two weeks. The analyst highlights the token’s breakout from a triple-bottom pattern, which aligned with positive market sentiment driven by Bitcoin’s price movement and rate cut news.
The talk of the town right now is $TAO.In just 2 weeks the chart is up 100%.Lets dive into the charts.About 5 days ago the chart broke out of its triple bottom pattern following the trajectory and news from rate cuts as well as $BTC.On the Fibonacci we completely… pic.twitter.com/ImST8fdklD
— CryptoLax (@Cryptolax6) September 22, 2024
Moreover, CryptoLax’s analysis also indicates that TAO has surpassed key Fibonacci levels between 23.6% and 38.2%, with the price now hovering just below the 50% retracement mark.
The bullish momentum is further supported by the formation of a bullish Fair Value Gap (FVG) on the weekly chart. However, CryptoLax warns that TAO may experience a pullback soon, as major winners often face corrections after rapid gains.
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Resistance and Price Projections
With the current momentum, TAO is testing immediate resistance around $466, a price level just below the high set earlier this year. Analysts project that if the bullish trend continues, TAO could reach higher targets of $550-$600 in the near term, driven by strong market sentiment and technical patterns.
The $355.46 level is expected to act as a key support during any potential retracement, while the lower support at $197.69 appears unlikely to be revisited soon. Bittensor’s recent performance has solidified its position as a strong contender in the AI and crypto sectors.
Both Altcoin Sherpa and CryptoLax agree that TAO’s upward momentum may continue, with buying opportunities expected on dips.
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The post Bittensor (TAO) Price Surges 40%: Analysts Predict Bullish Continuation and $600 Target appeared first on CaptainAltcoin.
