Bittensor (TAO) rallied and closed above the $530 resistance on September 23, but the bulls could not extend the recovery beyond $600.

TAO/USDT Daily Chart | Source: TradingView

A positive sign in favor of the bulls is that they did not allow the price to close below the strong support at $530. If the price continues to move higher and breaks above $600, this will signal the continuation of the uptrend. The TAO/USDT pair could advance to $640 and then $720.

On the other hand, if the price breaks below $530, the next support level is at $489. Buyers are expected to defend this zone strongly. Bears will come back into the game if they push the pair below the 20-day EMA.

TAO/USDT 4-hour chart | Source: TradingView

The bulls are defending the $489 to $535 zone strongly, indicating buying on dips. If the price stays above $563, the pair could retest $600. This is a key resistance level that the bears need to defend as a break above this level could start the next leg up.

Conversely, if the price declines and breaks below $489, this will indicate the start of a deeper correction. The pair could fall to $450 and then $400. The deeper the decline, the longer it will take for the uptrend to continue.

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