TAO price has seen an increase of more than 27% in the last four days. This could be the beginning of bigger moves if the token continues to break through some key resistance.
According to a technical analysis by World of Charts, Bittensor’s native token TAO is showing signs of an upcoming bullish trend. The cryptocurrency has been testing crucial resistance levels. A successful breakthrough could trigger significant upward momentum.
The analyst’s examination of TAO’s 12-hour chart reveals an intriguing pattern. Despite facing persistent pressure from a descending resistance trendline, TAO has maintained resilient support levels. World Of Charts points to a previous bullish wave that delivered around 112% gain, suggesting similar potential in the current setup.
Breaking Down the Resistance
TAO is currently challenging a critical resistance zone around $470. World Of Charts analysis shows that clearing this threshold could be the catalyst for the next major price movement. The analysis projects an ambitious upside target, suggesting a potential 117% increase that could push TAO above $1,000.
World of Charts notes that TAO price action shows encouraging signs of strength. The cryptocurrency has established a solid consolidation pattern above its lower trendline, creating a stable foundation for potential upward movement. This base formation, combined with the current breakout attempt, reinforces the bullish narrative presented in the analysis.
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While the technical setup appears favorable, World Of Charts’ analysis suggests that sustained momentum will be crucial for confirming the bullish scenario. The analyst’s projection of a “steady bullish wave” hinges on TAO’s ability to decisively break and hold above the identified resistance levels. This breakthrough could mark the transition from the current consolidation phase into a robust upward trend.
Market participants should note that technical setups don’t guarantee outcomes. A failed breakout attempt could lead to a retest of lower support levels. However, if TAO follows the pattern identified by World Of Charts, the cryptocurrency could be on the verge of its next significant price advancement.
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