Bittensor [TAO] demonstrates signs of extended bullish momentum after a 20% surge within 24 hours. With a breakout from a descending channel and heightened trader activity, speculation grows around a possible "cup-and-handle" formation that could signal further growth.
TAO Gains Momentum, Approaches Key Resistance
TAO's price action suggests the start of a strong upward trend. Currently trading at $525.9, the cryptocurrency is nearing the critical resistance level of $607.
Breaking above $607 could confirm a bullish reversal and pave the way for growth toward $800, based on historical price structures.
Failing to breach $607 may lead to short-term consolidation, offering traders a chance to reassess market conditions.
Fibonacci Analysis Supports Bullish Scenario
According to Fibonacci levels, TAO has surpassed the 0.618 retracement level at $492, indicating a continuation of its upward trend.
The next significant level lies near the 1.618 extension at $660, which could serve as the next target for bulls.
RSI at 52.98 indicates a neutral position with room for further growth, though overbought conditions might slow momentum in the short term.
Growing Social Dominance and Market Interest
TAO's social dominance has risen from 0.168% to 0.375%, reflecting increased awareness and discussion across platforms.
This surge often correlates with heightened trading activity and investor optimism. However, increased interest may sometimes lead to greater volatility, warranting caution.
Bullish Sentiment Among Traders and Rising Open Interest
The proportion of long positions has reached 61.22%, underscoring the prevailing bullish sentiment. However, this imbalance could trigger a correction if sudden selling pressure emerges.
Open Interest has risen by 28.44% to $218.74 million, highlighting strong market participation and growing trader confidence.
Conclusion: TAO Has Room to Grow
With technical indicators supporting further upward movement and rising trader confidence, TAO’s rally appears poised for continued growth.
Nonetheless, traders should remain vigilant against potential short-term fluctuations and adapt their strategies to current market conditions.
#bittensor , #CryptoAnalysis , #priceprediction , #TAO , #cryptocurrencies
Stay one step ahead – follow our profile and stay informed about everything important in the world of cryptocurrencies!
Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“