TAO Price Formed Bottom At $200 Hurdle; Can It Smash The $500 Mark

• The TAO crypto price has gained 90% in the past 4 days, which showed the buyers’ strength.
• The Bittensor price has exceeded the 20-day EMA and is eyeing for the $500 hurdle.

On a wider time frame, the bearish trend in TAO crypto was interrupted near the $200 hurdle in the first week of July. Sellers reattempted to drag the price at the $200 mark.

The Bittensor price has formed a hammer candlestick on the bottom and has surged by 90% in a few weeks. The price has crossed the 20-day EMA and displayed bullish momentum.

Based on the chart structure, the TAO crypto price has declined due to resistance from the trendline. Recently, the price has extended to the trendline, and a breakout is anticipated.

Bitternsor crypto was being traded at $317.25 at press time, which has increased by 3.90% in the past 24 hours. It has a market capitalization of $2.29 Billion, and its 24-hour trading volume was $102.86 Million.

Selling Bittensor Crypto at $162 Was a Bad Decision?

A source on X claimed that it was a bad decision to sell TAO crypto at $162. The reason is that TAO had taken support on the last swing low and displayed a bullish momentum. 

If you're having a bad day, know that 3 days ago someone sold a lot of $TAO at $162. pic.twitter.com/KQMljyUNa4

— rich.τ (@richdotca) August 8, 2024

The momentum has shown its strength by crossing the 20-day EMA.

Golden Crossover in RSI; Will TAO Price Shoot Up Soon?

The Bittensor price witnessed a directional move during the daily time frame and reached a crucial breakout level. The chart structure has displayed a V-shaped recovery from the support level. 

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If the price breaks out from the descending triangle, it might be a buying opportunity if the TAO price sustains at the $400 hurdle. Buyers may be eyeing the $500 level. 

On the other hand, the crypto asset price has reached the descending triangle, which works as a selling zone. If the price forms a bearish candlestick pattern near the trendline, sellers might dominate further. 

RSI Analysis

RSI has developed a golden crossover with the RSI-based moving average. The RSI has rapidly recovered from the oversold zone, which indicates a bullish forecast. 

Is TAO Price Ready to Recover Previous Losses?

A source on X claimed that TAO is expected to recover its past losses. As per the chart structure, the price found the bottom and has formed a double-bottom pattern.

Gm $TAO is an absolute beast
Insane recovery.

Higher pic.twitter.com/ykFb4KgZF2

— WIZZ ( beware scammers ) (@CryptoWizardd) August 9, 2024

A successful breakout from the trendline might be followed by a sharp upsurge.

TAO Price Overview

Based on the analysis, TAO crypto price has shown significant bullish potential. This is especially after forming a bottom at the $200 hurdle and gaining momentum. 

The price has surpassed the 20-day EMA and is eyeing the $500 hurdle, indicating a strong bullish trend. The golden crossover in RSI and the potential breakout from the descending triangle further support the bullish outlook. 

However, monitoring the price action near the trendline and the $400 level is important to gauge the strength of buyers and sellers. 

The Bittensor crypto price is expected to face resistance from the $350 and $460 levels. The price may take support at the $200 mark and an imaginary support level of $100.

Disclaimer

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.