TAO token has surged past a critical resistance level and confirmed a strong bullish trend for traders to watch.
Analysts set price goals for TAO at $1,156, $1,771, and $2,377 based on reliable technical patterns.
The breakout sparks growing interest as TAO gains attention as a promising project with strong upward potential.
TAO token has broken above a key resistance level after completing a bullish Cup and Handle arrangement on its weekly chart. This development suggests strong potential for upward momentum, and cryptocurrency analyst Alex Clay has identified three clear price targets for the token: $1,156, $1,771, and $2,377.
Source: X( twitter)
Understanding the Cup and Handle Breakout
The Cup and Handle is a widely recognized chart pattern in technical analysis, often indicating the continuation of a strong trend. The "cup" represents a rounded base that forms after a period of steady consolidation, and the "handle" reflects a brief pullback before the breakout.
TAO’s price moved decisively above the resistance level, which had previously limited upward movement. This move up is important because it signals the potential for continued upward movement in the market. The breakout is further supported by the alignment of Fibonacci extension levels, which are commonly used to predict future value moves.
Major Price Targets Based on Fibonacci Levels
Clay's analysis identifies three price targets for TAO, starting with $1,156, which corresponds to the first Fibonacci extension level. The second target is $1,771, derived from the 2.618 Fibonacci extension, while the longer-term goal is set at $2,377, based on the 3.618 extension.
These targets align closely with the breakout projection, offering additional validation of the potential upward movement. The price action also suggests growing interest and momentum, and traders are closely watching the token as it advances toward these levels.
Increased Attention Around TAO
TAO’s recent breakout coincides with growing interest in blockchain projects focusing on emerging technology sectors. Clay has referred to TAO as one of the most promising projects currently available. This further adds to the token’s appeal as investors seek exposure to new growth opportunities.
The token’s rise also sparked discussions about its competition with other blockchain projects. One social media user questioned whether TAO holds more promise than Render, another blockchain-focused token, reflecting the strong interest within this space.
TAO’s performance will remain a focal point for traders and investors as it continues gaining traction and moves toward its identified price targets.
The post TAO Token Hits Breakout With $2,377 Target After Strong Chart Pattern appeared first on Crypto News Land.
