Bittensor (TAO) is nearing a key resistance level, as highlighted by analyst Roman (@Roman_Trading) in his tweet. According to Roman, TAO is inching closer to a breakout, with the $400 mark serving as the crucial threshold for a potential surge.
If TAO surpasses this level, Roman projects a sharp rally to the $2,000 – $3,000 range. However, TAO has been consistently challenged by this resistance, raising questions about whether it can sustain the momentum for an upward movement.
Key to TAO’s Potential Rally
Roman’s analysis centers on the $400 price point, which has been a major resistance level for TAO. The chart he shared illustrates how TAO has repeatedly tested this level but has yet to secure a clear breakout. This resistance zone, marked in red, has triggered multiple rejections in the past, indicating its importance in determining TAO’s future direction.
If TAO breaks through the $400 barrier, Roman anticipates a substantial rally. The potential price targets, as outlined in his analysis are around $2k and $3k. This projected rise represents a 5x to 7.5x increase from the current price, a level that could ignite interest in the token. However, the breakout remains contingent on overcoming the established resistance.
Historical Price Movements and Support Levels
In addition to the resistance at $400, Roman highlights a lower support level around $250. This price point has served as a floor for TAO during previous downward movements. Although the $250 level provides some consistency for the token, the main focus still is on whether TAO can break out from its present consolidation period.
TAO has repeatedly tested the $400 mark, but thus far it has found difficulty keeping momentum beyond this level. Should the token fail to breach the resistance, it may go back to the $250 support prior to another try at elevation.
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Show more +Potential Patterns and Volume Trends
Roman’s chart also suggests a possible inverse head and shoulders pattern, which could indicate a bullish reversal. This formation supports his optimistic outlook on TAO, aligning with his expectation of a breakout.
The volume surrounding TAO has shown signs of gradual growth, which may be a signal of increasing market interest. The rising volume trend suggests that momentum is building, potentially setting the stage for the breakout Roman anticipates.
Read also: This XRP Chart Looks Like a ‘Time Bomb’ – Will Ripple’s Token Repeat 2017?
Roman’s Projection: A Bullish Outlook
Roman’s prediction hinges on TAO’s ability to surpass the $400 resistance. His tweet expresses confidence that a breakthrough at this level will lead to a sharp rise in the token’s value, targeting $2,000 – $3,000.
However, it is important to note that until TAO can clear the $400 resistance, the token will likely continue to consolidate between its established support and resistance levels. If the breakout fails, the $250 support may come into play once again, providing a key level to watch for future price action.
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