Bittensor (TAO) is gaining attention as it approaches crucial support levels, according to analyst CryptoDoc. Currently trading at $541.95 with a daily trading volume of $493.9 million, TAO has seen a dip of 3.23% in the last day, though it shows a promising 7.57% increase over the past week, according to data from CoinGecko.
CryptoDoc’s analysis reveals a dual-support zone structure, with an initial “small support zone” that TAO is nearing. A bounce from this zone could signal strength, but failure to hold may lead to the lower “strongest support zone,” a level viewed as more resilient in supporting prices.
TAO’s Support and Resistance Zones Signal Potential Path for Growth
CryptoDoc’s analysis highlights two support levels for TAO, indicating that the initial, smaller support zone lies slightly below the current price. This level might provide a short-term cushion, offering an opportunity for buyers to step in if TAO’s price dips further.
However, if this zone doesn’t hold, a more substantial support zone awaits below, positioned to act as a stronger base to prevent a steeper price decline. On the upside, a resistance area around $600-$700, marked by a “pink box,” stands as the critical barrier for TAO’s next upward move.
A breakout beyond this zone could clear the way for TAO to target a “3-digit mission,” possibly propelling the token toward the $1,000 level, a milestone CryptoDoc notes as achievable upon breaching this resistance level.
$TAO Update We are now approaching a small support zone.However, failure to hold that will take us below to the strongest support zone is below. I feel we will bounce from the upper one.We need to break out from the pink box, and that move will take us towards our 3-digit… https://t.co/yuzgsPG7zT pic.twitter.com/o5m4XxKSr9
— CryptoDoc (Gem Hunter ) (@cryptodoc_) November 13, 2024
Chart Trends Indicate Consolidation and Potential Breakout for TAO
In recent weeks, TAO’s chart reveals a gradual upward trend following a prior decline, suggesting the token is potentially setting higher lows. This pattern aligns with CryptoDoc’s bullish sentiment, which suggests TAO may rebound from the upper support.
Currently, TAO appears to be consolidating between the defined support and resistance levels, indicating a potential buildup before a breakout attempt. While no clear chart patterns like head-and-shoulders are evident, the price movements hint at consolidation, a typical precursor to either a strong upward or downward move.
Read also: Solana’s Rally at Risk? Key SOL Indicators Signal Possible Reversal Ahead
Investor Sentiment and Price Targets in CryptoDoc’s Analysis
CryptoDoc’s optimistic outlook on TAO includes expectations of a bounce from the smaller support zone, projecting resilience in this range. However, achieving a significant price hike requires a breakout from the $600-$700 resistance.
This breakout, if realized, could initiate TAO’s journey toward the coveted three-digit price target, aligning with a standard breakout strategy that traders use to capitalize on newfound momentum.
TAO’s support and resistance dynamics, coupled with CryptoDoc’s insight, have generated interest in the token’s next moves.
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