TAO Price Bounces Back: Is It Set To Surpass The $250 Barrier?

• TAO price rebounded from the $230 support zone, gaining 2% intraday.
• Most metrics and market indicators indicate a reversal.

Bittensor (TAO) price has performed well and surged over 11% in the last 48 hours, aiming to cross the $250 mark. This significant price increase occurred when Bitcoin (BTC) floundered near the $55k mark.

The TAO price action hints that this rebound would send TAO crypto above $250 and $260 in the coming sessions. It made a double-bottom formation and saw a rebound, indicating that a further potential up move is imminent.

TAO token teases an up move and attempts to revert the gains. Last month, this crypto attempted to trigger a breakout but faced rejection near the $350 mark. Then, a selloff was noted.

TAO Price Prediction: Is TAO Preparing to Extend Its Gains

TAO token exchanged hands at $241.30 at press time. Its price rallied over 1.20% and noted a volume surge of over 59%. That conveyed the rise in investor interest.

The ongoing price action indicated that the token held gains near the crucial pivot of $230 and succeeded in a pullback. If further accumulation persists, the TAO price may ascend gains and will meet $250 soon.

However, the Chaikin Money Flow (CMF) index was still representing a negative reading, noted at -0.19. Likewise, the RSI index still rested below the midline region, reflecting a negative outlook.

If bulls took control over bears and successfully crossed the $250 mark, a change in market dynamics could be seen.

Crypto Analyst @AltcoinSherpa, in his tweet, mentioned buying the TAO token near $200 is ideal. Moreover, he expects more range bound movements ahead.

vibes for $TAO. probably a buy in the low $200s. expecting more ranging pic.twitter.com/oKEVMOMJll

— Altcoin Sherpa (@AltcoinSherpa) September 5, 2024

However, the surge in trading volume in the past two sessions indicated a rise in interest and activity among investors. The price growth often reflects higher demand, as more investors are willing to buy it, therefore driving up its value.

Still, the token’s price struggled to beat the 20-day EMA mark and hovered below the significant moving averages. That concerned buyers, who were waiting to long the TAO crypto here.

Weighted Sentiment Data Exhibited a Mixed Look

Following the significant price surge, the investors have focused their vision on it. The token’s weighted sentiment curve stayed close to the midline region, noted at the +0.16 mark. It means that investors look confident in accumulating TAO.

While the social dominance data witnessed a significant downtick, it means reduced investor activity on social media platforms.

Bittensor’s funding rate across crypto exchanges has been varying between positive and negative regions. That means the traders were still not confident in uplifting the TAO price.

Weighted Funding Rate  |  Source: Coinglass

When writing, the token’s funding rate was noted at -0.0103%, showing that investors were making short positions. That underlined negative sentiment in the market.

If the bulls can sustain the bounce and accumulation continues to increase, the TAO price could reach the $250 mark.

However, if this bounce is invalidated and the negative crossover is confirmed, the token’s price may witness a drop toward $225.

Disclaimer

This article is for informational purposes only and does not provide any 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.