TAO Price Gained 100% In September, How Long Before The Surge Halts?

• The TAO price is up by 160% in a month while the 24-hour trading volume has increased by 135%.
• Bittensor price took support on the 20-day EMA and rose by 30% in 3 days.

Since Q2 2024, the Bittensor (TAO) price has witnessed a bearish trend as the price dropped to the major support level of $200. During the bearish trend, the sellers have attempted thrice to drag down the TAO price below the $200 level but couldn’t. The price has formed a triple bottom pattern and displayed strong buying momentum.

After the bullish momentum, the price reached the $500 hurdle and triggered a pullback. During the pullback, the price has taken support on the 20-day EMA and has reached the multi-month high.

Could the TAO Price Shoot Up After the Retest?

IncomeSharks (@IncomeSharks) is a cryptocurrency analyst who has shared his opinion about TAO crypto on X (formerly Twitter). He highlighted a falling wedge pattern that triggered a breakout, and came for the retest.

If the price gains bullish momentum after the retest, it may invite buyers for a bullish move. Suppose the trading volume supports this momentum, the momentum can be boosted.

Profit Booking or New ATH, What Could Be its Next Step?

When writing, the Bittensor crypto traded at $623.79 which has dropped by 1.85% over the past 24 hours. The market capitalization was $4.58 Billion and the 24-hour trading volume was $261.87 Million.

According to the technical chart, the Bittensor (TAO) price has recovered 5 months of loss in a month. The chart structure suggests that the momentum is not over and has the potential to soar again.

For the past 3 days, buyers seem strong and this momentum is being supported by the trading volume. The involvement of investors may lift the price to a new all-time high (ATH). If the buyers remain strong, the price may extend to the $1000 mark.

On the other hand, if the digital asset price faces resistance from the $650 mark, it could be a bearish signal. Suppose the price slips below the $500 mark, it could be a selling signal. The price below this mark could lead to a short-term profit booking.

Turning to the technical indicators, the Bittensor price has smashed the key moving averages which could be a bullish signal.

TAO Price Forecast Based on Technical Analysis

Based on the recent performance of TAO and the technical indicators, it seems that the cryptocurrency has experienced a significant surge, with strong buying momentum and potential for further gains. The price has shown resilience around the $200 support level and has reached a multi-month high after a pullback.

The involvement of investors and strong buyer momentum, supported by trading volume, suggest the possibility of reaching a new all-time high (ATH) and potentially extending to the $1000 mark.

However, it’s important to watch for potential resistance around the $650 mark, as well as the $500 mark, which could signal a short-term profit booking if breached. Confidently going past key moving averages is a bullish signal, indicating potential further upward movement in the price.

Disclaimer

In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss