After recording a consolidated price action for a brief period, the Bittensor price has regained momentum by adding numbers to its valuation within weeks. With a constant uptrend in the technical sentiments, will the TAO price record a strong bullish reversal and record a new high of around $800?
Let us understand the market, technical sentiments, and possible price prospects of the Bittensor (TAO) crypto token in this article.
TAO Price Retests Its Support Trendline!
Despite recording a correction of 1.63% in the past day, the Bittensor price has jumped ~16% over the past week. Moreover, it has recorded a 2X return during the past 30 days and has rewarded its long-term investors with a YTD return of 118.15%.
Notably, it has formed an ascending channel pattern and has continued trading within it since September. Moreover, with 3 successful retests at its support trendline, the TAO coin price displays a strong bullish sentiment in the market.
Bittensor Technical Sentiments
The RSI indicator continues hovering close to its overbought range with a positive curve in the 1D time frame. This highlights a high possibility of a bullish bounceback during the upcoming weeks.
Further, the SMA has supported the Bittensor (TAO) price chart since September. This suggests that altcoin may continue gaining value in the coming time.
Will TAO Price Rise In 2024?
If the bulls regain momentum, the Bittensor price could retest its important resistance level of $671. Moreover, if the bullish sentiment sustains, this could result in it retesting its ATH of $767.68 and potentially heading toward its upper target price of $800.
On the flip side, if the bears outrun the bulls, the TAO coin price could retest its support level of $547. Further, if the market fails to hold its value, this could result in it breaking down its channel pattern and potentially retesting its lower support level of $437.5 this year.
Wondering when will Bittensor token hit $1,000? Read, our Bittensor (TAO) Price Prediction 2024 – 2030
