Bittensor (TAO) price signifies buying momentum and has persisted in increasing gains despite the market correction. Moreover, the token enlisted a rounding bottom pattern breakout above $400 and noted a sharp bull run in the past sessions. The price action reveals a higher high formation, and the follow-on buying momentum traps the sellers. Furthermore, the Bittensor (TAO) token price has reached the blue sky zone above $450 and is preparing to fetch $500.
The TAO token price is trading above the key moving averages and is sustaining gains in the bullish trajectory. Furthermore, the TAO crypto has witnessed a sharp rally from the bottom of $80 and rallied over 550% in recent sessions. However, the technicals seem overbought and may retrace to $450 soon. Furthermore, the buyers have persisted in stretching the up move and continued to showcase their dominance.
Bittensor token price was $486.78 at press time, with an intraday drop of 1.31%, showing bullishness on the charts. Moreover, the trading volume increased by 0.66% to $80.29 Million, highlighting the bull rally. The pair of TAO/BTC was noted at 0.0133 BTC, and the market cap is $3.01 Billion. Analysts are bullish and suggest that the TAO price will continue to extend gains and may surpass $500 soon.
The TAO Crypto Price on Daily Charts Displays Sharp Buying Momentum
The Bittensor (TAO) token price on the daily charts shows a bull run and is anticipated to reach $500 in the next sessions. The price action signifies a strong uptrend and the buyers have continued adding long positions. Furthermore, the token shows strong volume buying, which is a sign of investor interest. The token recently surpassed the neckline hurdle of $400. It sharply rose toward $450, delivering short covering moves.
The Relative Strength Index (RSI) curve stays in the overbought zone and shows a positive divergence, indicating the bullish momentum. The Moving Average Convergence Divergence (MACD) indicator shows a bullish crossover and the green bars formed on the histogram suggest the outperformance for the following sessions.
The TAO Crypto on Weekly Charts Exhibits 52-Week High Range Breakout
On the weekly charts, the TAO token price exhibits a sharp move and has made a fresh all-time high mark above $480 in the last session. Moreover, the token glimpses strong buying momentum, and buyers are keen to reach the round mark of $500 soon. The token may extend bullish moves to $520 per the Fib extension zone, followed by $550 in the upcoming sessions.
Summary
The Bittensor (TAO) token price exhibited a bullish rally and enlisted a breakout above $400 in the recent sessions. The token glimpses bulls’ dominance and has persisted in extending the up move despite the weak global sentiments. If the token price surpasses $500, it may zoom to $550 soon.
Technical Levels
Support Levels: $460 and $430
Resistance Levels: $500 and $520
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.
Amanda Shinoy is one of the few women in the space invested knee-deep in crypto. An advocate for increasing the presence of women in crypto, she is known for her accurate technical analysis and price prediction of cryptocurrencies. Readers are often waiting for her opinion about the next rally. She is a finance expert with an MBA in finance. Quitting a corporate job at a leading financial institution, she now engages herself full-time into financial education for the general public.
Source: https://www.thecoinrepublic.com/2024/02/07/tao-price-prediction-is-bittensor-preparing-to-escape-500/