- Bittensor token price has surged by 40% in a week and displayed a directional move.
- The TAO price has exceeded the 20-day EMA, showcasing the bullish momentum.
On a daily time frame, the TAO price chart has displayed bearish momentum since April. The Bittensor price declined by facing resistance from the trendline and in lower lows and lower highs.
At press time, the Bittensor price was extended to the lower high territory with a strong buying momentum. In the first week of July, the digital asset price formed a hammer candlestick pattern at the bottom and showed strong buying pressure.
The Bittensor token traded at $330.35 and dropped by 1.77% in the past 24 hours. The market capitalization was $2.33 Billion, and the 24-hour trading volume was $59.97 Million at press time.
Will TAO Price Skyrocket After the Breakout?
A source on X suggested that the TAO price has been falling through a falling wedge pattern. However, it triggered a breakout from the falling wedge pattern and was ready to shoot up soon.
The mighty $TAO breakout continues 🚀🚀 https://t.co/kso6GGA4SN pic.twitter.com/VGLivaqSnB
— Satoshi Flipper (@SatoshiFlipper) July 18, 2024
The price might reach the $640 mark after the successful breakout.
Is a Trend Reversal on Its Way in the TAO Token?
A source on X displays that the TAO price has formed a bottom and expected trend reversal.
It has formed a bullish, engulfing candlestick pattern on the bottom and has risen by 18%. Buyers seemed to be stronger and might dominate further.
$TAO gonna fill that wick $1000 and above pic.twitter.com/7yaIuewZwG
— WIZZ🥷 ( beware scammers ) (@CryptoWizardd) July 18, 2024
Will the TAO Price Trigger a Breakout or Decline Further?
On a daily time frame, the Bittensor crypto price has performed positively for a week. It has extended to the trendline, which is a lower-high territory.
Suppose the TAO price consolidates near the trendline for some time and triggers a breakout, a buying opportunity can be observed. Strong buying momentum could be seen if the chart structure manages to attract investors.
Alternatively, bears may dominate if the crypto asset price faces resistance from the trendline and engulfs previous candlestick. Sellers may show interest in the lower high territory, resulting in a new lower low territory.
Based on the technical indicators, the MACD displayed a golden crossover with the signal line, and the histograms remained deep green.
The RSI has rapidly extended from the oversold zone to the overbought zone. Overall, the technical indicators favored the bullish forecast at press time.
Can the TAO Price Shoot Up Soon?
The TAO price has displayed bullish momentum, indicating a trend reversal. If the price consolidates near the trendline and triggers a breakout, it could present a buying opportunity.
However, it’s important to monitor the resistance from the trendline and the price behavior in the coming days to assess the likelihood of a breakout or a decline.
The technical indicators supported a bullish forecast, and the price was anticipated to reach the $640 mark after a successful breakout.
Technical Levels
The Bittensor crypto price was expected to face resistance from the $340 and $460 levels. The price may take support at the $257 and $200 levels.
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.
