Bittensor (TAO) is gaining attention as it approaches a pivotal price level that could mark a shift in its trajectory. Renowned analyst Sjuul from AltCryptoGems shared TAO’s current price movements on X (formerly Twitter), noting that everything is progressing as anticipated. 

He emphasized a recent price dip, deviation, and subsequent expansion, drawing attention to a crucial resistance level that could unlock new heights for TAO’s price. With the $660 mark identified as a critical resistance zone, breaking this level could propel the token toward a new phase of price discovery.

Bittensor Chart Analysis: Key Support Zones Hold Steady Amid Price Expansion

The TAO price chart indicates robust support zones that have helped sustain recent bullish momentum. Notably, a local support level has emerged as a solid foundation, acting as a rebound point after the price deviation Sjuul mentioned. 

This local support signifies strong buying interest, stabilizing the price and reinforcing confidence among investors. A lower support zone further solidifies the base, showing resilience during previous dips, which points to strong buyer activity at these levels.

These support levels have been instrumental in TAO’s recent upward trend, giving traders a degree of confidence as the token approaches resistance. As long as these support zones remain intact, they provide a fallback for any potential corrections, helping to preserve the bullish sentiment.

Image Source: X/AltCryptoGems Focus on the $660 Resistance for Price Discovery

The primary area of interest for TAO lies at the resistance level of around $660, which analysts like Sjuul view as a gateway to potential price discovery. The chart reveals that the price has been consolidating within a rising channel, steadily building momentum toward this resistance. A breakout above $660 would be a notable achievement, potentially leading to uncharted territory as TAO’s price inches closer to its all-time high.

Sjuul’s tweet underscores the significance of this resistance level as the key obstacle to further growth. If TAO can overcome this barrier, it could pave the way for substantial gains, driven by increased market interest and renewed optimism from the investor community.

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Bullish Trend and Potential for Further Expansion

An analysis of the trendlines and patterns on the chart reveals a distinct bullish trajectory for TAO. The recent price deviation and subsequent recovery have set a foundation for upward momentum, with the formation of higher lows indicating strengthening support. This trend aligns with Sjuul’s optimism, as he notes the recent expansion following the deviation.

The upward channel pattern leading to the resistance suggests consolidation before a potential breakout. This structure indicates that TAO’s price may be primed for further gains if it can breach the resistance level, a scenario that many analysts are monitoring closely.

Sjuul’s analysis suggests a positive outlook for TAO, particularly as it nears a key resistance that could unlock a path to new highs. His observation of the recent dip and rebound aligns with broader bullish sentiment, with the $660 resistance as a focal point for the token’s future growth. A breakout here could attract significant interest from traders, sparking renewed momentum and establishing a clear path for TAO’s price to explore higher valuations.

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The post This Analyst Reveals Why Bittensor (TAO) Price Could See a Major Surge – Here’s the Outlook! appeared first on CaptainAltcoin.