- RSI has developed a bullish divergence, demonstrating bullish momentum.
- TAO price may rebound from the demand zone.
The Bittensor (TAO) crypto chart structure indicates that the price has been bearish since March with a loss of 60% till now. On a wider time frame, TAO price has performed positively since its launch and remained bullish till March 2024.
On June 18, the TAO chart produced a hammer candlestick pattern and tried its best to hold on to the price. After June 18, a massive rise of approximately 4000% in trading volume was seen. It was constant at press time.
RSI was at 39 and had developed a golden crossover with the RSI-based moving average. It formed a bullish divergence which showcases a trend reversal.
Performance
Bittensor crypto price has increased by 478.34% in a year while it gained only 4.23% YTD. The TAO crypto price rose by 52.16% and 28.76% in a week. The overall trend is bullish according to the technical chart.
TAO Price to Reach $290 Hurdle Soon?
$TAO – Looking to long H4 breaker.
— Kingpin Crypto (@Kingpincrypto12) July 1, 2024
Targeting Pre week high.
Lets see… pic.twitter.com/CrWCKLDwaR
A source on X suggested that TAO price is expected to approach the H4 Breaker zone and invite buyers. If the price bounces back from the $270 hurdle, buyers may eye the pre-week high.
Will Bittensor Crypto Price Defend the $200 Mark?
Bittensor was trading at $276.64 at press time and remained neutral over the past 24 hours. The market capitalization was $1.95 Billion while the 24-hour trading volume was $36.76 Million. The fully diluted market cap was $5.86 Billion and the circulating supply is 7,007,096 TAO.
TAO was in a strong bearish trend and was trading below a key moving average at the time of writing. The price has been heading toward the $200 hurdle.
Here, the $200 hurdle is working as a demand zone and the price has gained bullish momentum from this zone historically. If the price takes support at this zone then it may gain strong bullish momentum.
On the other hand, if the buyers fail to bounce back, sellers might dominate. Assuming the digital asset price slips below the 200-day EMA, strong selling pressure could be observed.
The hurdle of $200 is the last hope for the buyers to dominate, because it is the major support level. Below this level, most of the whales might prefer to book profits, which may lead to a strong selling pressure.
Buyers to Defend $200 Mark?
TAO experienced a significant surge in trading volume and the RSI displayed a bullish divergence, indicating a potential trend reversal. The overall trend for TAO was bullish per the technical chart. However, TAO faced a crucial hurdle at $200, which will likely determine the future price movement. If the price manages to hold above this level, it may gain strong bullish momentum, but a slip below this level could lead to increased selling pressure.
Technical Levels
TAO crypto price may face resistance from the $430 and $630 levels. The price is expected to take support at the $200 and $125 marks.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
