Bittensor (TAO) has seen a price surge, breaking through the critical $560 resistance level before pulling back slightly to $554.13 as of press time. The asset has experienced substantial trading activity, with a 24-hour trading volume of $391,037,908.
TAO’s price has increased by 17.39% in the last day and has gained 81.72% over the past week, reflecting strong bullish momentum. This move comes after crypto analyst Altcoin Sherpa noted the potential for TAO to hit $560 before facing any pullback, suggesting that further gains might be possible.
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Breakout Above $560 Signals Continued Bullish Momentum
TAO’s recent rally has been marked by a sharp increase in price, which saw the asset breaking through major resistance levels, including the $350.66 mark. The breakout above $560 suggests continued bullish momentum, supported by strong volume, indicating active buying interest.
Exponential Moving Averages (EMAs) play a crucial role in confirming this uptrend. TAO’s price is currently trading above all key EMAs — the 21, 55, 100, and 200 — which are aligned in a bullish configuration. This pattern typically signals a strong uptrend and has helped maintain market confidence during the recent rally.
Analyst Warns of Potential Pullback After Hitting $575
Altcoin Sherpa, who previously identified $560 as a potential resistance point, highlighted that the asset could see a pullback after reaching this level. With the current price at $575, the market may experience some consolidation as traders take profits.
The volume spikes accompanying the recent breakout add credibility to this uptrend but also suggest that a correction could occur as the market adjusts to the new price levels.
“TAO chart is insane; I never bought it. I think this goes to at least 560 before a pullback, maybe even higher. Dips are for buying,”
Altcoin Sherpa remarked, highlighting both optimism and caution as the asset approaches critical thresholds.
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Key Support Levels and Scenarios Moving Forward
As TAO navigates its next move, traders are paying attention to key support and resistance zones. The $350.66 level, which was previously a major resistance, now serves as an important support area that could provide a buffer in case of a pullback. Further down, the $197.50 support level remains crucial, as it marks the area of strong historical buying interest.
In a bullish scenario, if TAO sustains momentum above $560, it could see further gains towards the $600 mark. However, a failure to maintain current levels might lead to a retracement, potentially testing support around key EMAs or revisiting lower price points if selling pressure intensifies.
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