- The TAO crypto price has given a breakout at $405 from a major trendline forming above.
- A massive rise of 182.16% has been observed in the volume of TAO in the last 24 hours.
- TAO/USDT cryptocurrency pair reflected the higher liquidity on the Binance exchange.
Bittensor (TAO) is a decentralized open-source protocol allowing users to extract network information. TAO provides users with external platform access, allowing them to collect data related to their needs from the network.
On the other hand, the TAO token price experienced consistent declines in March and April 2024. That almost caused a shift in bearish sentiments in price, but the bulls are making an effort to prove it wrong. They entered the market.
A bullish Resurgence has occurred in TAO Crypto
Since mid-March 2024, the TAO crypto price has faced adverse remarks from the sellers. The buyers failed to maintain congestion on the $554 major support level, which resulted in a change of character in the price structure. Consequently, a total shift in bearish sentiments has happened.
The price made a 40% bearish rally afterward by following a trendline and reaching the $337 extreme demand zone. The zone prevented the TAO price from falling. Conversely, the investors approached the $337 support level and surged the price by almost 30%, resulting in the breakout of the trendline.
Price Volatility & Social Dominance Analysis
On the broader outlook, the price volatility has been strongly influenced by the social sentiment upsurge, reflecting the behavior of traders and investors. The spot price, on the other side, seems free from the influence of social tweets. At present, social dominance is declining, prices slowly increasing, and volatility is rising.
Technical Analysis of the Bittensor (TAO/USD)
The short-term bearish outlook lies below the key exponential moving averages. However, the price has rebounded the 50-day and 200-day EMAs from below, indicating a potential bullish trend reversal.
TAO price has shown a strong bullish movement from the $337 support that prevented the price from falling. The price surged over 30% to the current trading price of $443 while giving a breakout from a trendline at $405. The technical speculations suggested a bullish outlook for the price in the current sessions.
Furthermore, the relative strength index (RSI) is moving above the 70-mark upper band, the overbought area. The RSI and SMA lines had a golden crossover, boosting the bullish strength and momentum. Currently, RSI is at 72.32 above the SMA line.
Summary
TAO crypto price has been performing with bearish sentiments since mid-March 2024. The crypto price has recorded over 50% negative profitability since then. Recently, the price has given a breakout from a major trendline. The price is showing strong bullish momentum in the current phase. The technical speculations by the current market price of TAO crypto suggested a bullish look.
Technical Levels
The immediate resistance for the TAO price was $490, while the $337 was the next support. If the price breaks above that resistance, a sharp price rise can be seen. Likewise, a drop below the mentioned support level can lead to the price falling.
Disclaimer
The views and opinions stated by the author or any people named in this article are for informational purposes only. They do not establish financial, investment, or any other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
