Bittensor (TAO) Price Rally ‘Just Getting Started’: Multiple Indicators Turn Bullish, Here’s the Outlook
In an analysis of the recent price action surrounding Bittensor (TAO), two crypto analysts, Dark Horseman and Mammon, provide insights that suggest a bullish outlook for the asset.
Dark Horseman emphasizes that the current price action of $TAO is indicative of a significant rally that is just beginning. In his tweet, he states:
“I believe the $TAO season is far from over; in fact, we’re just getting started. We’ve seen @opentensor make parabolic runs before, and this time will be no different.”
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Bittensor Price Analysis
Dark Horseman identifies critical resistance levels at approximately $600 and $700, with flipped support/resistance at around $500 and $400. These levels are crucial as they represent areas of significant price action.
He notes a “Golden Cross,” where the 50EMA has crossed above the 200EMA. This crossover is traditionally a bullish signal, suggesting momentum in favor of bullish traders, reinforcing his belief that the rally is just beginning.
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Dark Horseman points to a bull flag pattern that emerged in mid-August to early September, indicating potential continuation of upward movement. The breakout from this pattern has already contributed to the rally observed. He mentions that the StochRSI is in the oversold zone, hinting at a possible bullish reversal as bearish pressure subsides.
The Volume Profile Point of Control (VP-POC) indicates strong support below the current price, suggesting that recent price actions are supported by prior accumulation. Dark Horseman includes a projection indicating a potential gain of 953.1% from the low to the local high, echoing his belief in the potential for significant upward movement.
Wyckoff Model Points at Incoming Breakout
In contrast, Mammon focuses on a different aspect of the TAO chart, applying the Wyckoff Model 1 to suggest a possible trend reversal or continuation:
Mammon highlights a clear price range where TAO has oscillated between key support and resistance zones, suggesting a Wyckoff accumulation pattern. This involves repeated tests of a demand zone, indicative of potential institutional buying.
He points out that the price is nearing a critical break in the 30-minute market structure, suggesting that the current downtrend may be losing steam and a structural shift could be imminent.
Mammon expresses a preference for a “quick dip lower” before a rally, referencing a common tactic in Wyckoff schematics. This phase, known as a “spring,” is designed to flush out weaker positions before a stronger bullish move.
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After this anticipated dip, he forecasts that the price could rally back towards the upper resistance zone, marking the next significant trading range or breakout point.
Mammon identifies a strong demand zone where the price has consistently bounced, suggesting robust support. He also notes the upper resistance zone as a target for bullish traders if the Wyckoff pattern unfolds as expected.
A Bullish Picture for Bittensor Ecosystem
Both Dark Horseman and Mammon provide compelling analyses that indicate a bullish outlook for Bittensor (TAO). Dark Horseman’s emphasis on technical indicators and momentum suggests that the rally is just getting started.
Meanwhile, Mammon’s application of the Wyckoff model adds depth to the understanding of price dynamics, highlighting potential trends and key levels to watch. Together, these insights paint a picture of optimism for traders and investors in the Bittensor ecosystem.
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