Bittensor Price Analysis

TAO Price To Record A New High?

After trading under a bearish sentiment for a brief period, the TAO coin price has regained momentum and recorded a significant uptrend in valuation. The Bittensor token has added over 6% within the past day, and its YTD stands at 134.35% at the time of writing.

The Bittensor price has been displaying a significant price fluctuation since the start of March, highlighting increased price volatility for this altcoin in the cryptocurrency industry. Further, the TAO price had successfully recorded a new all-time high on 08th March with a high of $759.61.

TradingView: TAO/USDT

Following this, the bulls lost momentum and broke down the support level, where the price traded sideways for the next few days. As the market volatility grew, the bulls recorded another correction of 17.17% within the next two days, after which the price displayed a neutral trend for a while.

The bulls then jumped 25.60% in valuation before facing rejection above the resistance level of $716.5. Following this, the price traded in a consolidated range for a brief period. As the market lost momentum, the price tested its low of $562. Since then, the price has been trading positively.

The technical indicator, MACD, shows a constant green histogram, highlighting an increased buying-over-selling pressure in the crypto space. Moreover, the averages show a steady rise, suggesting the price will continue gaining value in the coming time.

Will TAO Price Rise Back Up?

If the market pushes the price above the resistance level of $638, the bulls will continue to gain power and run to test its upper resistance level of $678.5. Further, if the bulls hold the price at that level, the bulls will continue gaining momentum and prepare to test its upper resistance of $716.5.

Conversely, if a bearish trend reversal occurs, the bulls would lose momentum and fall to test its support level of $603. Moreover, if the bears continue to hold power, the Bittensor price will continue to bleed and test its crucial support level of $562 in the coming time.

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