Dark Horseman, a crypto analyst, shared an update on Bittensor (TAO) via X, offering a fresh outlook on the token’s price trajectory. According to his tweet, Bittensor has seen a short-lived rally that ended with a rejection at a critical resistance level.
However, his analysis points to a potential bullish reversal, suggesting that TAO may reach a four-digit price range if certain conditions are met.
What you'll learn 👉
Resistance Levels and Market Behavior
In his chart, Dark Horseman identifies key price levels that play a crucial role in Bittensor’s market behavior. The token initially broke above its resistance at $604.42, but encountered strong selling pressure at $681.28, pushing the price back below critical resistance.
Despite this rejection, the analyst sees a strong buyer presence in the market, supported by technical indicators that signal the possibility of renewed bullish momentum.
A “golden cross” has formed after the 50-day EMA has risen above the 200 one. This is a bullish sign that implies longer-term upward trend.
Another evidence that points to a possible price recovery is the fact that the token is oversold according to Stochastic RSI readings.
Flipped Support and Resistance Levels
Beyond immediate price levels, the analysis highlights flipped support and resistance zones. Levels around $372.37 and $442.27, which previously acted as resistance, have now turned into support, adding to the bullish outlook.
These zones are important for investors to watch as they indicate the growing strength of the market’s sentiment toward TAO.
Furthermore, the Volume Profile Visible Range (VPVR) shows the Point of Control (POC) at lower price levels, suggesting that substantial trading volume has taken place below the current price range, adding another layer of support to the bullish narrative.
Doge2014 raises 500K in days celebrating Dogecoin. Make potentially big profits and get in on exclusive airdrop!
Show more +Read also: MANTRA (OM) Price Pumps, Among Top Crypto Gainers
Potential AI 2.0 Wave and Price Target
Dark Horseman also predicts that the upcoming “AI 2.0 wave” could propel Bittensor to new highs, potentially breaking through its current resistance levels. This wave, driven by market sentiment and technological advancements in AI-related projects, could catalyze further price action.
If TAO manages to maintain momentum and surpass key resistance points, the analyst suggests that the token could head toward the four-digit price range. However, the market’s reaction to upcoming developments will play a crucial role in determining whether this ambitious target is achievable.
Follow us on X (Twitter), CoinMarketCap and Binance Square for more daily crypto updates.
Get all our future calls by joining our FREE Telegram group.
We recommend eToro
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
