Bittensor (TAO) price action shows signs of an impending surge. Satoshi Flipper, a top crypto analyst, has shared a chart highlighting a bullish flag pattern, suggesting TAO is about to break out.
With speculation mounting, the chart by Satoshi has a projection target of $640 as the token prepares for its next big move. Per CoinGecko data at press time, TAO trades at $542.09. This value implies a 0.65% price increase in the last day, culminating in a 31.49% rise over the week.
$TAO/usdt 1 hour$TAO flagging, price getting ready for its next big movetick tock, tick tock pic.twitter.com/YIWIO999Vr
— Satoshi Flipper (@SatoshiFlipper) September 27, 2024
Bullish Flag Pattern in Play
The chart shared by Satoshi Flipper reveals a clear bullish flag formation, a pattern often associated with a continuation of a prior upward trend. After an initial price surge, TAO entered a period of consolidation, forming the flag pattern.
The flag is characterized by two downward-sloping trendlines, which, according to technical analysis, often precedes a breakout in the same direction as the preceding move.
The flag’s formation suggests that the price is temporarily pausing before resuming its upward momentum. Satoshi Flipper’s tweet notes that TAO is “flagging,” indicating that the token is nearing a critical point where a breakout could occur.
Potential Breakout Above $640
According to the analysis, the next major move for TAO could see the token’s price rise significantly, with a target of $640. This target is likely derived from measuring the height of the initial upward move and projecting it upward from the expected breakout point.
In the context of flag patterns, this method is commonly used to estimate potential future price levels.
The anticipation is further amplified by the cryptic “tick tock” commentary in the tweet. Besides, this commentary hints that market participants may be expecting a price breakout soon.
Moreover, anticipating confirmation of a breakout is essential. This is particularly if the price moves above the upper trendline of the flag with increased trading volume.
Celebrate Dogecoin and Make Big Gains with Doge2014!
Doge2014 raises 500K in days celebrating Dogecoin. Make potentially big profits and get in on exclusive airdrop!
Show more +Show less –
Read also: Dogecoin Price Breaks 6-Month Downtrend: Is DOGE Primed for a Rally?
Market Sentiment Remains Positive
Despite the current consolidation, market sentiment around Bittensor remains optimistic. The flagging pattern, combined with Satoshi Flipper’s confident analysis, suggests that many are expecting TAO to experience further gains soon.
Monitoring TAO’s price action closely over the next few days will be crucial. This will determine if the token can break free of its consolidation and make a run toward the $640 target.
Follow us on X (Twitter), CoinMarketCap and Binance Square for more daily crypto updates.Get all our future calls by joining our FREE Telegram group.
Join and Get 10k Tokens FREE!
Sponsored Visit Meme Arcade by FOFAR Now Early access bonuses with 10k $BACON for joining now Engaging community with games and crypto incentives Integrated platform with GameFi and NFT functionalities Simple interface that’s easy for new users to explore crypto gaming
The post Bittensor Price Eyes Rally: Can TAO Hit $640 Target? appeared first on CaptainAltcoin.
