TAO Prepares for Breakout with Bulls Eyeing $680-730

Key Insights:

• $TAO shows substantial consolidation, hinting at a breakout toward $680-$730.
• Bullish pennant formation signals a possible 2x price surge for $TAO.
• Julien Bouteloup proposes Rekt News to improve Bittensor TAO audits and transparency.

Bittensor (TAO) is showing signs of a possible breakout, with many traders predicting a move to the $680-730 range. This comes after the token formed a bullish pennant chart pattern, signaling a potential upward price movement. Market analysts are paying close attention as TAO has been consolidating for nearly two years within a narrow range.

TAO’s Recent Price Behavior and Market Sentiment

TAO has experienced significant price fluctuations in recent months. The token has managed to hold steady within a tight trading range for almost two years. 

This price consolidation follows a strong upward move, leading some analysts to believe that TAO is preparing for another bullish rally.

According to a crypto trader, the lows from the range have been very well maintained throughout periods of high volatility. This stability during volatile periods is seen as a positive sign, suggesting that TAO has built strong support levels.

Bullish Pennant Formation Indicates Potential Price Surge

TAO has recently formed a bullish pennant pattern on its chart, a technical signal that often indicates further upward movement. According to CryptoBullet, this looks like an easy 2x, referencing the potential for TAO to double in price. 

The pennant is typically seen as a continuation pattern, meaning that it could lead to further gains once the breakout occurs. Several traders are now targeting the $680-$730 range, which is seen as a strong resistance level.

According to technical analysis, if TAO breaks above this range, the price could see a sharp increase. As of press time, Bittensor TAO is trading at $344.96, with a 24-hour trading volume of $96.4. The price has seen a slight increase of 1.64% in the last 24 hours. 

Current Marke and Bouteloup’s Proposal for Bittensor TAO Audits

In addition to the technical analysis, there has been some discussion around improving the security and auditing of TAO projects. Julien Bouteloup, a key figure in the crypto community, recently suggested using Rekt News to support Bittensor TAO audits. 

This proposal could add more credibility to the auditing process, which is crucial for attracting institutional interest and building trust within the crypto community.

Bouteloup also mentioned the possibility of launching a token for RektHQ, although he questioned its utility. This reflects ongoing efforts to strengthen the overall security and transparency within the cryptocurrency space.