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- The TAO crypto’s trading volume has increased by 70% over the past 24 hours.
- The TAO price has risen by 120% since September, showing bullish strength.
Bittensor (TAO) price has witnessed a sharp recovery after a two-month consolidation at the bottom. The TAO price has gained 120% in the past 50 days and smashed the key moving averages.
However, the momentum has slowed near the $600 hurdle. This token’s price still holds the 20-day exponential moving average (EMA).
The TAO crypto price has extended to the last swing high, showing weakness. It took support on the 20-day EMA and showed bullishness twice. Keep reading to explore how the Bittensor price may perform in the coming days.
Can TAO Price Rally 15x Ahead?
Solberg Invest (@SolbergInvest) has claimed that the TAO has the potential to gain 15x return in a few months. On a weekly time frame, the TAO price has been rising by forming higher highs and higher lows.
It has departed from the higher low zone with strong buying pressure. The price may continue rising if buyers remain strong, possibly gaining 15x return in a few months.
Can TAO Price Record a New All-time High (ATH) Soon?
When writing, the Bittensor token was trading at $588.81. The TAO crypto price dropped by 2.83% over the past 24 hours. Its market capitalization was $4.36 billion, and the 24-hour trading volume increased by 70% to $155 million.
The TAO crypto price has been rising in the higher highs and higher lows mode in the short term. Here, the chart structure shows uncertainty and both the momentum could be expected.
If the digital asset price sustains over the 20-day EMA, it might stay. Here, trading volume might play a vital role in the further momentum. Suppose the price defends the 20-day EMA and volume increases; strong buying momentum can be seen, and a new ATH can be recorded.
On the other hand, if the crypto asset price slips below the 20-day EMA, buyers could panic. Suppose the TAO price sustains below the moving average, most investors and traders might prefer to book profit. It may impact the TAO trajectory negatively.
Based on the technical indicators, the TAO crypto price has exceeded the key moving averages. Although the MACD and the Signal line are in positive territory, the histograms are red. It shows an uncertain forecast.
Bittensor Price Prediction Over Technical Chart
The TAO price has shown significant strength, with a sharp recovery and a notable increase in trading volume. It has reached a critical level near the $600 hurdle. Therefore, its ability to sustain above the 20-day EMA will be crucial in determining the next market move.
If the price manages to defend the 20-day EMA and sees an increase in trading volume, it could indicate strong buying momentum. That might lead the Bittensor crypto price to a new all-time high (ATH). On the other hand, a drop below the 20-day EMA may lead to profit booking and a negative impact on the TAO price.
The technical indicators, such as the MACD and the Signal line, present an uncertain forecast. That makes the current TAO price situation ****look pretty complex.
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.
