Bittensor Price Analysis: Bulls Eye Breakout as TAO Tests Key Resistance

Bittensor (TAO) pulled back from the overhead resistance at $361 on Aug. 23 but found support near the moving averages, suggesting that buyers are still active. Bulls are now attempting to push through the $361 resistance. If successful, the TAO/USDT pair will complete a double bottom pattern, potentially triggering a new rally toward $440 and then $500.

However, this bullish outlook will be invalidated if the price turns down and breaks below the moving averages. Such a move could lead to a decline to $250, with further downside possible to the critical support at $200.

On the 4-hour chart, sellers initially pushed the price below the 20-EMA, but this turned out to be a bear trap as the price quickly reversed. Bulls are now making another attempt to overcome the $361 hurdle. A successful breakout here could signal the start of a new uptrend.

Alternatively, if the price once again fails to break through $361, it will suggest strong resistance from the bears. In this case, the pair could drop to the 50-SMA. A break below this level might lead to a decline toward the $243 to $255 support zone.

Watch these levels closely for the next potential move! 📊 #Bittensor #TAO #CryptoMarket #TAOUSDT