Bittensor (TAO) price has surged by 14.47% in the last 24 hours. TAO price is hitting $513.29 as heightened investor confidence and strong technical setups ignite momentum.
Analysts like VipRoseTr, highlight the completion of key bullish patterns such as a rounded bottom and a descending channel breakout. Both of which point to significant upside potential in the near term.
Rounded Bottom Formation on Bittensor Price
The completed rounding bottom pattern on TAO’s chart indicates a major shift in market sentiment from bearish to bullish. This classic reversal pattern shows that the price has been in a consolidation process and is set to rise gradually as buyers slowly come into the market.
VipRoseTr identified the rounded bottom structure as the signal for the end of the uncertain phase and the beginning of another aggressive bull run to the next price levels.
Descending Channel Breakout
Besides the rounded bottom, TAO has also rejected the descending channel indicating the end of consolidation. This breakout is very important as it shows that bearish pressure has been exhausted, and the price is being pushed upwards.
This crossover above the channel’s resistance is supported by high volume and positive sentiment which makes it a great signal of further price increase.
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Also, the analyst has provided two high price targets for Bittensor price. The first target at $899.9 is a key level. A close above this level will definitely be considered as confirmation of the rally.
A breakthrough of this level would strengthen the bulls and open the way to the second target at $1115.9. This second milestone is drawing from the rounded bottom added to the breakout point and illustrates the possibility of a vast gain in price.
Bittensor (TAO) Price Action Reflects Growing Confidence
In the past day, the trading of TAO has ranged between $450.98 and $540 maintaining the important $500 mark. The value of the cryptocurrency has increased by 14.99% as its market capitalization reached $3.78 billion.
This shows that even in such conditions when the trading sessions are highly volatile, it is still possible to keep the important levels, which is an indicator of further growth of TAO.
TAO’s trading volume has significantly increased by 225.87% to $335 million, indicating the increase in market trading and liquidity. A clear sign of an increased interest from both the retail and institutional clients regarding this market.
Bittensor Support And Resistance levels
The first level of support for TAO is $500 which has been a strong resistance level throughout the recent price increase. Below this, the $480 support level is there to catch any bearish divergence and maintain the upward structure.
Sustaining these support levels is very important in order to continue the rally and prevent more severe pullback.
On the positive side, $540 is the crucial resistance level and buyers may be taken to the test by sellers at this level. A break above $540 could lead to a test of $550, a big figure that could be the gateway to the first target at $899.90 in TAO.
A breakout above these levels for Bittensor price would validate the bullish outlook and pave the way for continued upward momentum.
