🧧Bittensor [TAO] Surges 20%, Eyes $607 Resistance and Potential $800 Target🧧
Bittensor [$TAO] has experienced a significant 20% surge, breaking out of a prolonged descending channel and trading at $525.9. This breakout has sparked excitement about a potential cup-and-handle formation, with the cryptocurrency approaching a critical resistance level at $607. A sustained break above this level could confirm a bullish reversal, potentially targeting $800. The momentum is supported by a 183.78% spike in trading volume and a rise in social dominance from 0.168% to 0.375%. Technical indicators, including the RSI at 52.98 and Fibonacci levels, suggest continued upward momentum, though overbought conditions may slow progress. The Long/Short Ratio shows a bullish tilt, with 61.22% of traders holding long positions, and Open Interest has increased by 28.44% to $218.74M, indicating strong market participation. Despite the bullish outlook, traders should be cautious of potential short-term fluctuations.