Bittensor (TAO) Breaks Falling Wedge, Signaling 60% Upside Potential
- Technical Breakthrough: Bittensor's TAO price has confirmed a breakout from a falling wedge on the 8-hour chart, indicating weakened selling pressure and allowing buyers to step in at higher levels, reflecting a positive shift in market sentiment.
- Price Structure Change: Stabilizing near the lower boundary of the wedge, TAO price has begun closing closer to the upper trendline, and the breakout has shifted the structure from compression to expansion, suggesting a potential move toward the $350 region.
- Potential Upside: Based on the height of the wedge, TAO price could see approximately a 60% increase, with this projection grounded in structural analysis rather than emotional trading, indicating a rational return to the market.
- Follow-Through Performance Key: The price action of Bittensor will depend on maintaining support above the former resistance line; losing this level could revert the price back into the wedge, altering market expectations.
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Technical Analysis for TAO
Technical Sentiment Analysis for Bittensor (TAO) As of , Bittensor (TAO) is exhibiting a Neutral technical sentiment. Our proprietary analysis, which aggregates 7 technical signals, shows that 4 indicators are flashing buy, while 3 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status Currently, the Relative Strength Index (RSI) for TAO stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the stock.
Support, Resistance & Moving Averages From a structural perspective, TAO is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Bittensor (TAO) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 78.593 | 110.697 | 142.993 | 175.097 | 207.393 | 239.497 | 271.793 |
| Fibonacci | 110.697 | 135.297 | 150.496 | 175.097 | 199.697 | 214.896 | 239.497 |
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