Bittensor’s TAO token broke past the $645 resistance level, prompting market analysts to project ambitious price targets.
Crypto analyst McKenna expects the token to reach $1,000 within two months, while fellow analyst Crypto Rand points to the ecosystem’s growth as a catalyst for future gains.
TAO’s price has risen steadily since September from around $300. At press time, it trades around $692.63. According to CoinGecko data, the token has risen by 24.84% and 12.43% over the past week and day, respectively.
At $520,362,389, the trading volume has stayed robust, demonstrating investor interest in the coin and market participation.
$TAO breaking above $645 will be a big risk on signal for the market.Confident this goes above $1000 within the next 2 months. pic.twitter.com/P0PngcmGH7
— McKenna (@Crypto_McKenna) December 3, 2024
TAO Technical Analysis Points to Bullish Outlook
Chart analysis reveals multiple supportive technical factors for TAO. The price action demonstrates a series of higher lows since July 2024, with strong support established in the $500-520 range.
Moving averages display bullish convergence patterns, while the previous resistance at $645-650 has transformed into a support level. The volume profile indicates steady accumulation during recent consolidation phases.
Read also: Here’s Why Stacks (STX) Has Been ‘Booming Pretty Strongly’: Expert
Market Analysts Share Optimistic Views
McKenna shared their analysis on X, noting that TAO’s break above $645 serves as a broader market signal. Their forecast suggests the token will surpass $1,000 by February 2025.
Crypto Rand emphasized the expansion of the Bittensor ecosystem over recent months. The analyst drew attention to artificial intelligence as a defining theme for the upcoming bull market cycle.
Imagine sleeping on $TAO…the #Bittensor ecosystem growth during the last months has been wild.The upcoming bull seasons, will be #AI season pic.twitter.com/UGxE67cP9G
— Crypto Rand (@crypto_rand) December 4, 2024
The price structure shows multiple tests of moving averages acting as dynamic support levels. Previous consolidation zones near $300-350 from the July-August period have provided a foundation for the current upward movement.
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The post Analyst ‘Confident’ Bittensor’s TAO Price Goes to $1,000 – Here’s When appeared first on CaptainAltcoin.
