TAO Price Speculators Gear Up For Breakout: Is $350 Within Reach?

• The TAO price hinted toward a trend reversal and guided a potential breakout.
• A close above $360 will validate the breakout and could lead to a significant increase.

Bittensor (TAO) is stealing the spotlight this week with the double-digit growth. With the bullish intent, the TAO price has climbed above the key EMAs, and the aim is for a range breakout.

The recent surge fueled speculation among investors about TAO reaching $350 in the coming sessions. As TAO crypto continues to make much talk, could it be able to meet bigger upswings?

What Drove the Recent Surge In TAO Price?

The TAO price met the recent rally after the release of the newest product launched by Apple, the iPhone 16. This latest model is said to integrate advanced artificial intelligence components.

Namely, a new chip, A18, aimed at boosting the efficiency of generative AI models, has lifted interest in the crypto community. Rowan Cheung is a founder of Rundown AI. He tweeted that“ the new generation of iPhones is designed for AI from the ground up.”

JUST IN: Apple just unveiled the iPhone 16, and more details to Apple Intelligence

The next generation of iPhones is built to use AI from the "ground up"

All the details:

– Comes in new colors with aluminum finish
– Has Custom Action Buttons directly on the iPhone
– A new… pic.twitter.com/44OTHWDqPV

— Rowan Cheung (@rowancheung) September 9, 2024

This is a bullish sign for Al crypto coins, such as TAO crypto, as it smears a vision of the increasing usage of AI technologies. It could be the key to building further demand for the sector.

TAO Price Prediction: Is Range Breakout On The Cards?

Looking at the daily chart, the TAO price was capped inside a range. It was inching closer to the upper band of the range. The recent surge fueled the bullish belief, and strong anticipation of a breakout arose among the investors.

The price action strongly alluded that an up move toward $360 is on the cards. Moreover, a breakout will be verified if the price is above $360. This may compel TAO crypto to move towards $400 in the coming weeks.

At press time, TAO was trading at $314.36 with an intraday rise of over 8.20% and a weekly rise of over 40%. The market cap has risen over 3.20% to $2.32 Billion.

This recent surge aligned with the broader market recovery. It made TAO the top gainer among the top 10 cryptocurrencies over the week.

Crypto Analyst @WorldofCharts stated in his tweet that TAO crypto is finally breaking out of the long consolidation phase. It could activate a massive upswing soon.

$Tao#Tao Finally Breaking Long Consolidation Send It Now Towards 500$ pic.twitter.com/OqwGZD0qDS

— World Of Charts (@WorldOfCharts1) September 13, 2024

As buying pressure increases, it can support TAO’s rally. A rising RSI generally denotes strong buying momentum. The RSI curve loomed close to the overbought zone at 68, conveying a bullish stance.

In addition to the RSI, the Awesome Oscillator (AO) indicator plotted encouraging signs for TAO. The green histogram bars support the bullish outlook, as the AO indicator measures momentum and price trends.

Looking at the Futures market, the Open Interest (OI) rose 14.77% to $66.36 Million. This represented fresh, long additions in the past 24 hours.

In a further bullish case, the TAO price could resume the bounce, targeting the $350 level in the coming sessions. However, if the token’s price faces rejection from the $320 mark, it could drop toward the $300 mark.

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.