- TAO rebounded to trade around the 20-day EMA.
- Breaking above the 20-day EMA could trigger TAO’s bullish momentum.
- A crypto analyst thinks TAO has the potential to reach $1,000.
Top crypto analyst Michaël van de Poppe has laid out a bullish roadmap for Bittensor (TAO) that could see the token rally to $1,000. The entire trade, he argues, hinges on TAO reclaiming one critical technical level: the 20-day EMA.
In his latest post on X, the analyst highlighted TAO’s recent price movement, noting his expectations and how he thinks the token will perform if the market meets certain conditions.
The 20-day EMA is significant to TAO’s future
Van de Poppe cited an area of interest in TAO’s price movement, its performance around the 20-day EMA. According to the analyst, breaking above the dynamic resistance could trigger a significant move for TAO, which has been in a predominantly downtrend for the past month. Despite the latest movement, the renowned analyst believes TAO has the potential to reach $1,000 soon.
Related: Bittensor (TAO) and Unilabs (UNIL) Could Push Dogecoin Out of Top 10 Spot By 2026 After Trend Shift
According to data from TradingView, TAO was trading at $342 at the time of writing, having bounced off significant support around the $300 region. Van de Poppe highlighted the support region in his post, alongside other notable areas on the TAOUSD daily chart on TradingView. In the post, TAO’s price aligned with the 20-day EMA, and Van de Poope believes breaking above the curve will initiate the expected upward movement.
TAO’s critical price levels
In the meantime, the analyst identified a price region above TAO’s current level, which the cryptocurrency has repeatedly tested. The resistance around $470 proves to be historically crucial for TAO, and Van de Poppe considers it an area of impulse.
From the analyst’s projection, $470 would be the digital token’s immediate target after breaking above the 20-day EMA. However, he thinks climbing above $470 will boost the altcoin’s momentum and trigger the kind of impulse that will enable TAO to pursue the $1,000 target.
Although TAO’s current outlook suggests an upcoming bullish movement, failing to break above the resistance could lead to a pullback and a retest of the $300 support. The analyst believes going below $300 could open the way for a downward movement that could see TAO retest the $250 region.
Related: Bittensor (TAO) Price Prediction 2024-2030: Will TAO Price Hit $1,000 Soon?
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Source: https://coinedition.com/analyst-lays-out-roadmap-for-1000-dollar-tao-price/