Dark Horseman, a crypto analyst, shared an update on Bittensor (TAO) via X, offering a fresh outlook on the token’s price trajectory. According to his tweet, Bittensor has seen a short-lived rally that ended with a rejection at a critical resistance level.
However, his analysis points to a potential bullish reversal, suggesting that TAO may reach a four-digit price range if certain conditions are met.
Resistance Levels and Market Behavior
In his chart, Dark Horseman identifies key price levels that play a crucial role in Bittensor’s market behavior. The token initially broke above its resistance at $604.42, but encountered strong selling pressure at $681.28, pushing the price back below critical resistance.
Despite this rejection, the analyst sees a strong buyer presence in the market, supported by technical indicators that signal the possibility of renewed bullish momentum.
A small update on $TAO / $USDT, while the price saw a rally, it was short-lived due to the current market conditions. @opentensor managed to break above the critical resistance, but it faced a hard rejection at the $681 level, pushing the price back down below critical… pic.twitter.com/2J90ntbQZt
— Dark Horseman (@Dark__Horseman) October 10, 2024
A “golden cross” has formed after the 50-day EMA has risen above the 200 one. This is a bullish sign that implies longer-term upward trend.
Another evidence that points to a possible price recovery is the fact that the token is oversold according to Stochastic RSI readings.
Flipped Support and Resistance Levels
Beyond immediate price levels, the analysis highlights flipped support and resistance zones. Levels around $372.37 and $442.27, which previously acted as resistance, have now turned into support, adding to the bullish outlook.
These zones are important for investors to watch as they indicate the growing strength of the market’s sentiment toward TAO.
Furthermore, the Volume Profile Visible Range (VPVR) shows the Point of Control (POC) at lower price levels, suggesting that substantial trading volume has taken place below the current price range, adding another layer of support to the bullish narrative.
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Potential AI 2.0 Wave and Price Target
Dark Horseman also predicts that the upcoming “AI 2.0 wave” could propel Bittensor to new highs, potentially breaking through its current resistance levels. This wave, driven by market sentiment and technological advancements in AI-related projects, could catalyze further price action.
If TAO manages to maintain momentum and surpass key resistance points, the analyst suggests that the token could head toward the four-digit price range. However, the market’s reaction to upcoming developments will play a crucial role in determining whether this ambitious target is achievable.
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The post Analyst Predicts Bittensor (TAO) Price Could Hit Four Digits – Here’s His Outlook appeared first on CaptainAltcoin.
