Crypto analyst Captain Faibik has identified a promising technical pattern for the Bittensor (TAO) token. The asset has been consolidating within this pattern for the past six months.
Moreover, the analyst notes that this pattern often precedes key price movements. If confirmed, this breakout could propel TAO to new highs as early as September.
Bittensor Price Analysis
Captain Faibik shared his analysis on X, highlighting the potential for a breakout. He stated, “$TAO has been Consolidating in Descending Broadening wedge for the last 6 months. Now, it seems like it’s on the Verge of Breakout.”
$TAO has been Consolidating in Descending Broadening wedge for the last 6 months.Now, it seems like it's on the Verge of Breakout.Once Breakout is confirmed, Expecting a new ATH in September. #Crypto #TAO #TAOUSDT pic.twitter.com/kLsT7KuovB
— Captain Faibik (@CryptoFaibik) August 12, 2024
The pattern is defined by two diverging trendlines, the higher trendline falling downward more sharply than the lower one. This pattern is sometimes interpreted as a bullish reversal signal, indicating that the asset is consolidating before potentially moving higher.
Over the past six months, TAO has respected both the upper and lower boundaries of this wedge, touching them multiple times as it shifted within this range.
The current price action indicates that TAO is approaching the upper boundary of the wedge. Should the price break above this resistance level with strong volume, it would confirm the breakout, signaling a possible bullish trend.
Captain Faibik’s analysis suggests that such a breakout could trigger an upward movement, potentially driving TAO to new highs.
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TAO Price Prediction
The chart analyzed by Captain Faibik includes a projection box that estimates the potential price target range following the breakout. This target is considerably higher than the current price, aligning with expectations of a new ATH.
Specifically, the projection anticipates a rally of approximately 152.13%, which could bring TAO’s price to around $815.
The timing of this potential breakout is also crucial. Captain Faibik points to September as the likely period when TAO could reach its new ATH, assuming the breakout is confirmed and the price action follows the anticipated trajectory.
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The post Bittensor Pattern Signals Potential Rally, Expert Reveals When TAO Could Hit New ATH appeared first on CaptainAltcoin.
