Bittensor (TAO) has seen a price surge, breaking through the critical $560 resistance level before pulling back slightly to $455.88 as of press time. The asset has experienced substantial trading activity, with a 24-hour trading volume of $262,276,129.
TAO’s price has increased by 6.25% in the last day and has gained 40.55% over the past week, reflecting strong bullish momentum. This move comes after crypto analyst Altcoin Sherpa noted the potential for TAO to hit $560 before facing any pullback, suggesting that further gains might be possible.
TAO chart really does look primed for a move. It’ll be interesting to see how strong support holds during any pullbacks. I’m keeping an eye on those levels before jumping in—could be some great buying opportunities on dips. What’s your strategy if it breaks $560?
— Weed (@0xWeedie) September 23, 2024
Breakout Above $560 Signals Continued Bullish Momentum
TAO’s recent rally has been marked by a sharp increase in price, which saw the asset breaking through major resistance levels, including the $350.66 mark. The breakout above $560 suggests continued bullish momentum, supported by strong volume, indicating active buying interest.
Source: X
Exponential Moving Averages (EMAs) play a crucial role in confirming this uptrend. TAO’s price is currently trading above all key EMAs — the 21, 55, 100, and 200 — which are aligned in a bullish configuration. This pattern typically signals a strong uptrend and has helped maintain market confidence during the recent rally.
Analyst Warns of Potential Pullback After Hitting $575
Altcoin Sherpa, who previously identified $560 as a potential resistance point, highlighted that the asset could see a pullback after reaching this level. With the current price at $575, the market may experience some consolidation as traders take profits.
The volume spikes accompanying the recent breakout add credibility to this uptrend but also suggest that a correction could occur as the market adjusts to the new price levels.
“TAO chart is insane; I never bought it. I think this goes to at least 560 before a pullback, maybe even higher. Dips are for buying,”
Altcoin Sherpa remarked, highlighting both optimism and caution as the asset approaches critical thresholds.
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Key Support Levels and Scenarios Moving Forward
As TAO navigates its next move, traders are paying attention to key support and resistance zones. The $350.66 level, which was previously a major resistance, now serves as an important support area that could provide a buffer in case of a pullback. Further down, the $197.50 support level remains crucial, as it marks the area of strong historical buying interest.
In a bullish scenario, if TAO sustains momentum above $560, it could see further gains towards the $600 mark. However, a failure to maintain current levels might lead to a retracement, potentially testing support around key EMAs or revisiting lower price points if selling pressure intensifies.
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The post Bittensor (TAO) Chart Looks Insane Says Crypto Trader, But There’s a Catch appeared first on CaptainAltcoin.
