Bittensor (TAO) has gained momentum in recent trading sessions, with the token currently priced at $587.84, according to CoinGecko. Over the past day, TAO has experienced a 13.05% increase in value, reflecting strong price action.
Analyst Sjuul from AltCryptoGems provided an in-depth analysis of TAO’s chart, highlighting crucial resistance and support levels.
What you'll learn 👉
Local Resistance and Price Targets
Sjuul’s analysis emphasizes the current local resistance level that TAO is testing. This level serves as a key decision point for the token’s price trajectory. If TAO can break above this local resistance and sustain its price at higher levels, the next target is the real resistance further up the chart.
However, if the price fails to flip this resistance into support, TAO may experience a pullback toward the mid-range zone. This technical setup highlights two potential scenarios: a bullish continuation if resistance is breached or a bearish retracement if rejection occurs.
Bullish Scenario: Breaking Above Resistance
In the bullish case, if TAO successfully surpasses local resistance, it would likely trigger further upward momentum. The next resistance level would serve as the new target, potentially driving increased interest from traders.
Moreover, this move would indicate continued strong price action, signaling the possibility of additional gains in the coming sessions. Sjuul points out that a breakout beyond resistance would confirm the bullish trend. This is with the token targeting higher levels as it continues its upward trajectory.
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Potential Rejection and Mid-Range Support
If TAO faces rejection at the local resistance, a retracement to the mid-range level is expected. Sjuul’s analysis suggests that this zone could serve as a potential support area, offering traders another buying opportunity.
Should the price action weaken further, a drop to the major support level could follow, providing the final defense for bulls.
Bittensor’s price action is at a pivotal moment, with local resistance determining its next move. The outcome at this level will shape whether the token continues its bullish momentum or faces a retracement.
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