In a technical analysis, crypto expert Captain Faibik has identified a bullish pattern for Bittensor (TAO). Moreover, he has noted that TAO has recently confirmed a breakout.
The breakthrough resulted from a Descending Broadening Wedge pattern, which is frequently associated with bullish reversals. Additionally, Captain Faibik has highlighted TAO’s potential to reach a new ATH.
With momentum building, the question arises: Is TAO poised for a major rally?
What you'll learn 👉
Pattern Confirmation Signals Bullish Reversal
On the daily chart, TAO has effectively broken out of the Descending Broadening Wedge, according to Captain Faibik. Diverging trendlines in this pattern signify a change in trend from bearish to positive.
The breakout was confirmed as TAO’s price closed above the upper boundary of the wedge, accompanied by strong upward momentum. Besides, this technical signal suggests a potential reversal in trend, with the possibility of price appreciation in the coming weeks.
Additionally, the analysis highlights crucial price levels that could guide TAO’s trajectory. Moreover, before the breakout, TAO was trapped in a downtrend, but the confirmation of this pattern has opened the door to higher levels.
Captain Faibik’s chart suggests a projected target zone ranging from $60 to $100. This target is derived from the height of the wedge pattern, a common technique in technical analysis. Furthermore, achieving this range would mark a new ATH for TAO, further solidifying its bullish outlook.
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Momentum and Volume Support Crucial for Sustained Rally
While the breakout is promising, sustained momentum and volume support are essential for TAO to continue its upward journey. Besides, the crypto market is often volatile, and maintaining positive sentiment will be key to reaching new highs.
Bittensor’s recent breakout from a Descending Broadening Wedge pattern has ignited speculation about a potential rally toward new ATHs. Hence, analyst Captain Faibik’s insights emphasize the significance of this pattern and the bullish signals it presents.
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