Jeff Sekinger articulates a bullish outlook on Bittensor (TAO). He asserts that TAO has only just initiated a significant upward movement. Drawing from historical data, he notes that each time the Relative Strength Index (RSI) reaches 70 on the three-day chart, the price tends to surge dramatically.
For instance, after the first RSI hit 70, TAO experienced a remarkable 382% increase, and the second instance saw a 115% rise. This raises the question: what price action might we expect this time around?
I believe $tao has just begun its major move. Every time it becomes overbought on the 3d chart, it continues to run another triple digits higher. First time rsi hit 70 it ran another 382% and second time it ran another 115%. What will this time bring? pic.twitter.com/eSeOnD55Zw
— Jeff Sekinger (@JeffSekinger) September 29, 2024
Donnie, another analyst, adds further context, pointing out that TAO is currently priced at approximately $600, with neither a Coinbase listing nor Bitcoin having entered its price discovery phase. He prompts his audience to consider the implications of these factors, suggesting that the price could “fill the wick,” referencing the prior spike where TAO soared above $1,000.
Donnie’s Bittensor chart reveals several key observations. Currently, TAO is valued at around $598, reflecting a 6.72% increase. Earlier in the year, the price experienced a significant spike above $1,000, but quickly retraced, leading to a period of consolidation that saw the price range between $400 and $500 for several months. Recently, however, it has broken out from this range and is trending upward.
Read Also: Bittensor Price Eyes Rally: Can TAO Hit $640 Target?
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Donnie | X
Support levels are clearly identified, with a defined zone between $400 and $500, where the price has previously bounced back. A lower support level exists around $200, which could act as a safety net in the event of a sudden drop.
A TAO Price Spike to $700 and Then $1,200
The next major resistance appears around the $700 mark, which is also the target for short-term upward movement. The highest wick from earlier spikes reaches up to about $1,200, indicating a significant resistance point.
The chart further suggests that TAO may consolidate around the $500-$600 region before making another push towards $700 and beyond. Donnie’s commentary recognized the impact of external catalysts, such as a Coinbase listing and Bitcoin’s performance. He implies that should Bitcoin begin to rally into new highs, it could spur additional upward momentum for TAO.
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The post Key Bittensor (TAO) Metric Suggests Major Move Has Just Begun: Analyst Points to Next Price Target appeared first on CaptainAltcoin.
