Analysts Predict Bittensor’s (TAO) Potential Price Correction, But Here’s Why You Should Not Worry
Market analysis lately suggests Bittensor (TAO) may face a price correction despite its 300% gain. Crypto experts Roman and Nebraskangooner have shared insights on TAO’s technical indicators and price patterns, pointing to potential short-term volatility.
However, they also highlight factors that could support TAO’s long-term prospects.
What you'll learn 👉
Technical Indicators Signal Possible Correction
Roman observes bearish divergence between TAO’s price and its Relative Strength Index (RSI) on the daily chart. This technical pattern often precedes price corrections in financial markets.
Roman notes that Bitcoin’s expected correction could further influence TAO’s price movement. “With the below said, we’re likely to see some correction as there is bearish divergence between price & RSI,” Roman states.
He adds, “Not to mention I expect $BTC to see some correction as well.”
Price Action Forms Critical Pattern
Nebraskangooner (@Nebraskangooner) identifies a wedge formation in TAO’s price chart at a key resistance level. While not inherently bearish, this pattern suggests a substantial price move may be imminent.
“Price forming a wedge here at key resistance. Not necessarily a bearish event but a notable pattern,” Nebraskangooner explains.
He projects potential price targets based on the wedge’s resolution: “Breakout likely sends it above $700 and a breakdown likely back to low $500’s.”
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Current Market Performance
As of the latest data from CoinGecko, TAO trades at $602.42, experiencing a 3.89% decline over the past 24 hours. However, the token maintains a 9.59% increase over the last week, with a 24-hour trading volume of $238,341,488.
These market dynamics reflect the volatile nature of crypto trading, where short-term price shifts are common. While the analysts’ predictions suggest caution, they also emphasize TAO’s substantial recent gains as context for any potential pullback.
Roman reminds investors, “Don’t be afraid of some correction, $TAO is up 300%.” This perspective encourages a broader view of TAO’s performance beyond immediate price movements.
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