Crypto chart analyst World Of Charts predicts a 30-35% upward movement for Bittensor (TAO) in the coming days. The forecast follows TAO’s breakout from a bullish pennant pattern, accompanied by strong technical indicators supporting the upward trajectory.
Technical Patterns Show Sustained Momentum
The crypto demonstrated strength with a 112.48% surge, gaining 365.1 points during its initial breakout phase. TAO maintained this momentum through a consolidation period, forming a clear bullish pennant pattern on the charts.
$Tao #Tao Already Bounces From Mentioned Area & Recently Breaks Bullish Pennant Too Expecting Another 30-35% Bullish Rally In Coming Days https://t.co/6EMJQb8wlh pic.twitter.com/e7fUaFqa54
— World Of Charts (@WorldOfCharts1) November 29, 2024
The breakout from this pennant formation triggered another substantial move, pushing prices up by 81.31% with a 480.4-point gain. These consecutive rallies established a solid foundation for further upward movement.
Support Levels Reinforce Bullish Outlook
TAO’s price action shows multiple support zones strengthening its market position. A rising trendline acts as dynamic support, while horizontal support levels near $480 and $520 provide additional stability to the current price structure.
The token trades around $624.58, maintaining its position above these key support zones. Market watchers note the ascending triangle pattern that preceded the current movement, typically considered a reliable continuation signal in technical analysis.
Read also: Why Is Algorand (ALGO) Price Up?
Market Analysis Points to Higher Targets
Chart analysis reveals potential resistance levels around $750-$800, marking the next major hurdles for TAO. The psychological $1,000 level looms as another notable resistance point that traders should watch.
World Of Charts emphasized TAO’s successful bounce from previously identified support areas in their market update. The analyst’s bullish stance aligns with the current chart structure, suggesting continued buying pressure could drive prices toward these resistance zones.
Trading volume patterns support the bullish thesis, showing increased participation during key breakout moments. This volume confirmation adds credibility to the technical setup, though traders should always consider market risks and conduct their own research.
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