Date: Wed, Dec 04, 2024, 07:10 AM GMT
In today’s cryptocurrency market, bullish rallies continue to dominate as major altcoins capitalize on Bitcoin’s (BTC) declining dominance, which has dropped to 55.18% from its recent high of 61.53%. Amid this shift, Bittensor (TAO)—a prominent token from the AI narrative—has emerged as a standout performer, surging by over 13% to reach $708. Its market capitalization now stands at $5.23 billion.
Key Resistance Breakout
On November 29, TAO broke out of a symmetrical triangle pattern at $587, signaling the start of a bullish phase. Following this breakout, it reached a key resistance level of $679. However, after testing this resistance, $TAO retraced to its breakout level of $587, successfully retesting the support. Today, the token rallied past the $679 resistance level, marking a significant bullish breakout (indicated by the blue line on the chart).
Is a New ATH on the Horizon?
This breakout has propelled TAO to its current price of $708. From here, two potential scenarios emerge:
Retest: TAO may consolidate or retest the $679 breakout level before making another upward move.
Direct Rally: The bullish momentum could take TAO directly toward its next resistance level of $767, which marks its all-time high (ATH).
If TAO successfully breaks above $767, a fresh leg up could drive the price beyond $1,000, signaling a powerful continuation of its bull cycle.
With Bitcoin dominance declining and investor interest shifting toward altcoins, Bittensor (TAO) is positioned to gain further traction in the ongoing market rally.
Get more updates at: coinsprobe.com
Disclaimer: This article is for informational purposes only and not financial advice. Always conduct your own research before investing in cryptocurrencies.
