Bittensor’s token is again among top crypto gainers as the TAO price pumped 12% today and is now trading around $323.
TAO, a well-structured AI coin, tends to perform strongly when the market recovers. Its current market cap stands at approximately $2.3 billion.
Trader “Ramon” posted a viral TAO price prediction today, suggesting this coin might pump to the $3-5K range this bull run, representing over a 10X increase from current levels.
Technical Analysis of TAO’s Chart
Ramon’s chart analysis reveals several key points:
The TAO chart displays a clear uptrend, with TAO forming a double or even triple bottom pattern around the $216-$255 support region. This pattern indicates strong bullish reversal potential.
Source: X/@Ramon_Trading
Key support levels are evident around $216 and $255, with the Bittensor price bouncing off this region multiple times, suggesting a firm demand zone. The main resistance level sits at approximately $400, where the TAO price has faced rejection several times, confirming it as a key barrier for the next bullish leg.
A potential Cup and Handle pattern is forming, with the “cup” phase occurring between the $216 bottom and the $400 resistance. The current consolidation under $400 might represent the “handle” of this pattern. A breakout above $400 could trigger a significant bullish move.
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TAO Price Forecast
The volume appears to decrease during the consolidation phase, which is typical in accumulation periods. A volume spike during a breakout above $400 would strongly confirm a bullish breakout.
The Relative Strength Index (RSI) is currently around 48.97, indicating that the price is neither overbought nor oversold. The RSI is forming a rounded bottom, suggesting potential upward momentum. This supports the bullish narrative that a move above $400 could trigger a strong price rally.
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Ramon’s projected price target of $3,000 to $5,000 aligns with the chart analysis. However, it’s important to note that this target is speculative and would depend on various external factors such as market sentiment, liquidity, and macroeconomic conditions.
A possible bullish divergence is observed in the RSI, as the price forms higher lows while the RSI forms lower lows. This is a positive signal suggesting upward momentum could be building.
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The post Why Is Bittensor (TAO) Price Up? Analyst Predicts Rally to $3-5K Range appeared first on CaptainAltcoin.
