The Bittensor (TAO) price pumped 22% overnight, quickly climbing from $552.24 to $677. This means that TAO’s market cap is now well above $4.5 billion.
Despite hitting this resistance, TAO is currently trading around $622.24. This sharp rise has captured the crypto community’s attention, with some analysts predicting even higher levels on the horizon.
Crypto analyst GonzoXBT weighed in on the situation around TAO, sharing his insights on the recent price action and market trends.
He stated the Bittensor (TAO) price kicked up to $677 overnight, suggesting a compelling upward momentum. However, a minor pullback could be expected before a potential move toward $1,000.
What you'll learn 👉
Bittensor (TAO) Key Support Zones Provide Strong Foundation
The Bittnesor TAO price surge has been backed by strong support levels, notably at $575, marked as a key “weekly cluster” on the Bittensor chart. This area has acted as a foundation for the recent upward movement.
Additionally, the $500 level, which is mentioned in GonzoXBT’s tweet as a buying point during market fear, has been another critical support zone.
Lower down, support clusters at $350 and $275 represent historical price levels where buyers could step in if TAO were to experience a more significant correction. However, with the recent rally, these lower zones appear less likely to be tested in the near term.
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Show more +$677 Resistance Holds Firm—Small Dip Expected
The $677 level, where TAO kicked overnight, is a formidable resistance. The TAO price will likely face challenges breaking through this area without a period of consolidation or a small dip. The TAO chart suggests that a pullback to around $600 could happen before the next move higher.
Analyst GonzoXBT expects this dip to be short-lived, predicting a rapid move or “teleport” to $1,000 once this phase is complete. The tweet highlights a confident bullish sentiment in the market, backed by strong price action and growing buying interest.
Uptrend Remains Intact Amid Bullish Sentiment
The TAO price chart shows a clear uptrend, which began in late September, with higher highs and higher lows forming a bullish structure. As the price respects support zones and rebounds from key levels, the overall trajectory suggests that a continuation of the upward movement is likely.
GonzoXBT’s tweet echoes this bullish outlook, suggesting that the next major move could take TAO’s price beyond its recent highs. While the immediate future may bring a small dip, the general sentiment remains positive, with traders anticipating a breakout that could push the price significantly higher.
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Could Bittensor (TAO) Price Breakout to $1,000?
The projection on the Bittensor chart, supported by GonzoXBT’s analysis, suggests that TAO could see a breakout beyond $677, with a potential target of $1,000. The key factors will be how the market handles the current consolidation phase and whether buying momentum continues to build.
The next few days will be crucial in determining whether TAO can maintain its bullish trajectory or whether a more extended consolidation phase is necessary before further gains are realized. As it stands, TAO remains a token to watch closely.
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