Bittensor (TAO) is nearing a key resistance level, as highlighted by analyst Roman (@Roman_Trading) in his tweet. According to Roman, TAO is inching closer to a breakout, with the $400 mark serving as the crucial threshold for a potential surge.
If TAO surpasses this level, Roman projects a sharp rally to the $2,000 – $3,000 range. However, TAO has been consistently challenged by this resistance, raising questions about whether it can sustain the momentum for an upward movement.
$TAOInching closer and closer to to breaking out & shooting to the stars!$400 break & we can resume the move to $2-3k before next correction.#bitcoin #cryptocurrency #cryptonews https://t.co/XuZdeFk8sy pic.twitter.com/PV1qzvQ8xG
— Roman (@Roman_Trading) September 19, 2024
Key to TAO’s Potential Rally
Roman’s analysis centers on the $400 price point, which has been a major resistance level for TAO. The chart he shared illustrates how TAO has repeatedly tested this level but has yet to secure a clear breakout. This resistance zone, marked in red, has triggered multiple rejections in the past, indicating its importance in determining TAO’s future direction.
If TAO breaks through the $400 barrier, Roman anticipates a substantial rally. The potential price targets, as outlined in his analysis are around $2k and $3k. This projected rise represents a 5x to 7.5x increase from the current price, a level that could ignite interest in the token. However, the breakout remains contingent on overcoming the established resistance.
Historical Price Movements and Support Levels
In addition to the resistance at $400, Roman highlights a lower support level around $250. This price point has served as a floor for TAO during previous downward movements. Although the $250 level provides some consistency for the token, the main focus still is on whether TAO can break out from its present consolidation period.
TAO has repeatedly tested the $400 mark, but thus far it has found difficulty keeping momentum beyond this level. Should the token fail to breach the resistance, it may go back to the $250 support prior to another try at elevation.
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Show more +Show less – Potential Patterns and Volume Trends
Roman’s chart also suggests a possible inverse head and shoulders pattern, which could indicate a bullish reversal. This formation supports his optimistic outlook on TAO, aligning with his expectation of a breakout.
The volume surrounding TAO has shown signs of gradual growth, which may be a signal of increasing market interest. The rising volume trend suggests that momentum is building, potentially setting the stage for the breakout Roman anticipates.
Read also: This XRP Chart Looks Like a ‘Time Bomb’ – Will Ripple’s Token Repeat 2017?
Roman’s Projection: A Bullish Outlook
Roman’s prediction hinges on TAO’s ability to surpass the $400 resistance. His tweet expresses confidence that a breakthrough at this level will lead to a sharp rise in the token’s value, targeting $2,000 – $3,000.
However, it is important to note that until TAO can clear the $400 resistance, the token will likely continue to consolidate between its established support and resistance levels. If the breakout fails, the $250 support may come into play once again, providing a key level to watch for future price action.
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