Recent analyses by two top crypto analysts have brought attention to Bittensor (TAO) and NEAR Protocol (NEAR). Each signals potential bullish setups on their respective charts.
Mammon and Michaël van de Poppe have shared insights suggesting favorable conditions for upward trends, but both emphasize the need for patience and confirmations. Here’s a detailed breakdown of their observations and strategies.
What you'll learn 👉
Bittensor (TAO) Charts Show Key Support and Accumulation
Mammon’s analysis of Bittensor (TAO) highlights a healthy 25% correction from its previous high, positioning the asset within a critical demand zone between $475 and $500. This pullback is seen as a natural retracement, rather than a trend reversal, potentially setting up a bullish scenario.
Mammon notes that the price has tapped the 4-hour 200 EMA (Exponential Moving Average), a key dynamic support level that often signals trend direction. The touch of this EMA suggests that TAO may be preparing for a bounce.
Moreover, signs of accumulation at the current price level indicate that traders are positioning for a possible upward move. Two potential game plans are on Mammon’s radar: if TAO reclaims the 200 EMA and breaks above the trendline, it could form a higher low, leading to a trend reversal.
Alternatively, TAO could dip once more into the demand zone, providing another buying opportunity before targeting new highs.
Key Indicators for TAO’s Price Action
Mammon’s analysis also emphasizes the importance of monitoring certain technical indicators. The 4-hour 200 EMA acts as a critical support, and any movement above this level could signal a bullish reversal.
The trendline marking the recent downtrend must be broken for this scenario to materialize, allowing for the formation of a higher low.
Another essential aspect is the demand zone between $475 and $500, where TAO’s price has historically found support. This area is likely to serve as a foundation for potential upward moves.
Mammon advises traders to wait for clear confirmations, such as a break of the trendline or a reclaim of the EMA, to avoid possible bear traps.
NEAR Protocol Targets $10 to $15 in Next Rally
Michaël van de Poppe shared a positive outlook for NEAR Protocol, stating that the market is gearing up for the next leg up, with NEAR being a prime example. He notes that NEAR has retested its previous consolidation zone and is gradually moving upwards.
The analyst points to a target range of $10 to $15 for the next rally, should NEAR’s upward trend continue. NEAR’s chart illustrates a significant downtrend that began after peaking in early 2022.
However, late 2023 saw a bounce, suggesting a possible trend reversal. Key support levels between $2.76 and $3.41 have been crucial in maintaining stability, with recent price movements indicating attempts to form a new base.
These support levels are seen as potential entry points for long positions, offering a favorable risk-to-reward ratio.
Volume and Technical Analysis for NEAR
Volume analysis on NEAR’s chart suggests that the asset has seen active participation during both upward and downward movements. While there has been a recent decline in volume, this could indicate a period of consolidation, preparing for a breakout.
Michaël van de Poppe points out that if NEAR successfully maintains support above $3.41, it could rally towards the $15 zone, which aligns with previous high points on the chart.
The Relative Strength Index (RSI) further supports this bullish outlook. The indicator, which measures momentum, was previously in an oversold state, aligning with NEAR’s bottoming pattern. As the RSI trends upward, it suggests room for additional gains without being overbought.
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Patience and Confirmation Remain Key for Both Assets
Both Mammon and Michaël van de Poppe emphasize the importance of waiting for confirmation signals before making trades. For TAO, the need to reclaim the 200 EMA and break the trendline is essential for validating a bullish setup.
Similarly, NEAR’s ability to maintain stability above $3.41 could determine whether it reaches the target range of $10 to $15. These analyses offer traders insights into potential opportunities, but caution is warranted.
Observing volume trends, key support zones, and dynamic indicators like the EMA and RSI can help in identifying the right entry points and minimizing risks. Both TAO and NEAR present intriguing setups, but patience and strategic decision-making will be necessary to navigate these markets effectively.
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