TAO, the native token of Bittensor, has experienced a significant upswing, gaining over 40% this week. This surge in value is attributed to a bullish trend, with buyers accumulating the token and propelling its price.
The token is poised to break the $380 resistance level and set its sights on reaching $400 in the coming trading sessions. The upward momentum is intact, indicating the potential for further gains.
Amidst market volatility, TAO has maintained its positive trajectory, demonstrating continued buying pressure and solidifying its bullish stance.
Key Takeaways
- TAO price has climbed above key moving averages and is approaching the $400 mark.
- Bullish sentiment prevails, with buyers seizing control and accumulating TAO.
- A sharp rebound from the 50-Day EMA and a channel breakout reflect the dominance of buyers.
- The price action depicts accumulation, as evidenced by the token’s strength.
Technical Analysis
The TAO/USD pair is currently trading at $372.18, with an 11.43% intraday gain. The trading volume has increased by 17.10%, reaching $10 million, further emphasizing the bullish momentum.
The TAO/BTC pair is valued at 0.00876 BTC, while the market capitalization stands at $2.28 billion.
Daily Chart
The daily chart of TAO reveals a sharp pullback from the 50-Day EMA, followed by a sustained buying momentum. The price action exhibits the “three white soldiers” pattern, indicating consistent buying interest.
The relative strength index (RSI) has entered the overbought zone and displays a positive divergence, suggesting a bullish outlook. The moving average convergence divergence (MACD) indicator shows a bullish crossover, with green bars forming on the histogram.
Weekly Chart
On the weekly chart, TAO has formed a bullish marubozu candlestick, engulfing the previous five candles in a single bounce. This signifies the strength of the bulls and suggests a potential breakout above the token’s all-time high of $397 in the upcoming sessions.
Summary
The TAO token has exhibited impressive resilience, with a significant pullback followed by a surge towards its swing high of $400. The ongoing buying momentum and accumulation indicate that the token is well-positioned for further growth.
Technical Levels
Support Levels: $365 and $350
Resistance Levels: $385 and $400
Disclaimer: The views and opinions expressed in this article are solely for informational purposes and do not constitute financial advice. Trading or investing in cryptocurrencies carries inherent risks, and individuals should seek professional advice before making any investment decisions.
Credit and rights belong to MigBase.com