Bittensor (TAO), a token that has had a bullish rally lately, may have reached a local top near $600, according to a price analysis shared by CryptoJobs3. The expert suggests caution for investors looking to buy TAO, predicting a potential price dip soon.
Per CoinGecko at publication, the token trades at $555.08, following a 3.66% decline in the last day, but maintaining a 48.29% increase over the past week.
$TAO – Price analysis: LOCAL TOP IS PROBABLY HERE The main uptrend keep supporting the prices at the moment.But; seeing many test of the uptrend in a short period of time is never good! It usually indicate that the bullish momentum is becoming weaker. The daily… pic.twitter.com/W4HInCd5PU
— Crypto_Jobs TA & FA (@CryptoJobs3) September 25, 2024
TAO Price Analysis Suggests Weakening Momentum
The price analysis from Crypto_Jobs TA & FA highlights concerns about the weakening bullish momentum for Bittensor. According to the expert, although the uptrend continues to support the current price levels, multiple tests of the uptrend in a short period typically signal a loss of momentum.
Such patterns suggest that the market may be gearing up for a correction. The daily price is also deemed “highly overbought,” raising further concerns about sustainability.
The analyst believes that the $600 zone could be the local top, with early buyers possibly starting to book profits. A price correction toward the $500-$460 range is projected, although this doesn’t guarantee a break above $600 in the future.
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Overbought Conditions May Lead to Correction
Crypto_Jobs TA & FA’s analysis stresses that now may not be the best time to buy TAO, given the overbought conditions in the market. The tweet advises traders to consider other altcoins that haven’t seen a price movement yet.
Despite the bullish momentum, the risk of a pullback remains high. Investors are encouraged to approach with caution and closely monitor price levels.
The expert further emphasizes that the ongoing uptrend does not confirm an imminent breakout above $600. Instead, traders should take a level-by-level approach, watching for signs of either a correction or continuation.
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The post Is $600 Bittensor’s Local Top? Expert Warns Against Buying TAO Now, Predicts Potential Price Dip appeared first on CaptainAltcoin.
