Bittensor (TAO) has caught the attention of the crypto community as it displays strong bullish momentum on the charts. Prominent crypto analyst McKenna recently tweeted, “$TAO looks like it’s begun its march to $1000,” aligning with technical indicators suggesting a potential upward trajectory. Another analyst, Hamid, also adds to the sentiment, stating, “$TAO is one of my most confident holds. ATH 🔜🤝.”
The price movements, supported by chart patterns, have established higher lows and a breakout from a descending triangle. As TAO’s price hovers near key resistance levels, traders are closely monitoring its trajectory.
Key Levels to Watch for TAO
The TAO/USDT chart on the 3-day timeframe highlights critical levels that may determine the token’s next move.
Support Levels: TAO has established strong support at $471.7, where buyers stepped in multiple times to defend this zone. Below this, $360.6 serves as a fallback level in case of a reversal.
Resistance Levels: On the upside, $679.1 is the immediate hurdle. Breaking this resistance could pave the way for TAO’s price to test the $1,000 level. Long-term resistance is positioned at $1,249, aligning with the price target suggested by McKenna.
These levels indicate that TAO is currently in a recovery phase, with bullish momentum growing as it nears these resistance zones.
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Bullish Chart Patterns and EMA Dynamics
TAO’s chart reveals a breakout from a descending triangle, a pattern that often signals the start of a bullish trend. The price is trading above a green moving average, likely the 50 or 200 EMA, which acts as dynamic support. This EMA alignment, coupled with compressing volatility, hints at an upcoming strong directional move.
Candlestick analysis further supports the bullish case. Recent candles exhibit increased body size with minimal rejection, indicating robust buying interest. Although volume data isn’t visible, any increase would further validate the breakout.
What Analysts Are Saying
McKenna’s tweet about TAO’s price march to $1,000 reflects confidence in the token’s potential to reach new highs. Meanwhile, Hamid’s tweet underscores investor optimism, with TAO seen as a stronghold among traders.
For TAO to maintain its bullish momentum, sustained price action above $679.1 is key. This level will determine whether the token continues its climb toward $1,000, as predicted by analysts. Traders are advised to monitor support levels and EMA interactions for further confirmation.
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