Bittensor’s Golden Cross Formation Sparks Bullish Frenzy, Is $500 Next?

• Bittensor (TAO) is making a buzz in the crypto arena with its powerful comeback.

• TAO price surged by almost 11% in the last 24 hours, suggesting bullishness.

Bittensor (TAO) is drawing attention in the cryptocurrency market after a sharp price jump. Traders are excited about the possibility of hitting the $500 price mark. TAO is up about 11% in the last 24 hours, according to data from CoinMarketCap, and it is currently trading at around $459. The price shows a strong bullish trend, which seems to be strengthening.

Looking at the daily chart, a compelling technical setup has formed over recent months. After it consolidated near the $280 support level, TAO rocketed higher, breaking through multiple resistance zones. 

There is a large bullish move above the 50-day exponential moving average, currently at $348.56, and the 200-day exponential moving average, currently at $344.68, which has created a golden cross. A golden cross explicates the bullish crossover of shorter-term moving averages rising above longer-term moving averages, which has been traditionally interpreted as the beginning of sustained upward momentum and what many traders consider a strong buy signal.

What Next For TAO Price?

With the Relative Strength Index (RSI) sitting at 71.15, TAO has defined overbought conditions and is dealing with solid bullish pressure shaping this rally. Although high RSI readings have the potential to lead to short-term pullbacks, in strongly trending instances, high RSI readings may remain elevated for longer, and therefore, the bullish move may have room to continue.

The MACD indicator also supports this bullish scenario with a positive crossover, currently at 16.75 and is trading above the signal line at 25.44. Further, the expanding green histogram bars are exhibiting increasing upward momentum. 

Perhaps most importantly, the sentiment indicator is at 10.06, and is sitting mostly positive range to the upside, which shows improving bullish sentiment and optimism about the future of Bittensor.  

With the combination of a golden cross formation, a positive crossover with MACD, a high RSI, and positive sentiment that is predominantly bullish is supportive of continued upside. If TAO can maintain support above the significant $400 level and can continue to move here, then $500 appears to be the next target for traders.

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