The Bittensor network’s expansion is fueling optimism around the TAO token, as market analyst Bitcoin Buddha predicts a surge to a new all-time high. Reflecting on the network’s growth, Bitcoin Buddha’s tweet highlighted the potential for TAO to overcome resistance levels, setting the stage for a bullish breakout.
The Bittensor (TAO) price chart, by Bitcoin Buddha from late 2023 through 2024, reveals a fluctuating trend marked by sharp spikes and corrections.
The current phase shows price consolidation within a symmetrical triangle pattern, typically associated with market indecision. This setup suggests that a breakout may occur soon, potentially leading to substantial volatility in either direction.
From April to August 2024, TAO traded within a descending channel, forming lower highs and lower lows. However, recent price actions indicate an attempt to exit this bearish phase.
The symmetrical triangle suggests a critical juncture, where price movement could determine whether TAO continues its ascent or encounters resistance.
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Key Support and Resistance Levels Identified
Bitcoin Buddha’s analysis identified critical support and resistance levels for $TAO, which play a vital role in determining its price trajectory. The $209.31 and $364.72 marks have served as strong support, absorbing selling pressure and preventing sharp declines. This indicates a robust base that traders may view as potential buying zones.
On the resistance side, $647.12 has been a key hurdle where the price has previously struggled to break through. Should TAO manage to surpass this, the next significant barrier lies at $777.90. Overcoming these resistance levels would solidify a bullish trend, paving the way for TAO to target a new all-time high.
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Positive Sentiment Surrounds Bittensor Network Growth
In his tweet, Bitcoin Buddha underscored the expanding Bittensor network as a fundamental driver for $TAO’s anticipated price growth. The network’s expansion reflects increasing adoption and integration, strengthening TAO’s underlying value.
The analyst believes that any short-term dips are likely to be absorbed quickly, supporting the idea of sustained upward momentum. This perspective aligns with the ongoing consolidation phase, hinting at a possible breakout to higher levels in the near term.
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