TAO has gained momentum, with its price increasing by over 11% in the past day. Trading volume has also risen by 54.69%, indicating heightened market interest. The asset is nearing a key technical breakout, potentially signaling a continuation of its bullish trend.
Prominent analyst World Of Charts emphasized the cryptocurrency’s strong technical outlook on X. He highlighted that TAO’s price is on the verge of breaking out from a falling wedge pattern, which could lead to a 50%+ price surge if confirmed.
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Bittensor Chart Analysis: Falling Wedge Breakout Could Trigger Further Gains
Technical analysis suggests that TAO’s price has been consolidating within a falling wedge pattern, a formation that historically precedes upward breakouts. The price has been making lower highs and lower lows, but it now appears to be pushing toward a resistance level that has previously led to rejections.
Key support levels are identified around $250-$300, where buyers have consistently stepped in. Meanwhile, the upper resistance trendline has acted as a barrier, limiting upward movements for TAO’s price. If a breakout occurs, the next major resistance levels range between $600 and $750, aligning with the projected target indicated in the tweet.
Market Sentiment and dTAO Launch Drive Optimism
The launch of dTAO has contributed to the renewed optimism surrounding the project. The first days of its introduction have been met with strong market participation, supporting the notion of a potential bull market. Furthermore, a large portion of TAO tokens has yet to be deployed, suggesting that the network still has growth potential.
Bittensor’s AI subnets are also gaining traction, adding further confidence in its ecosystem. The increase in adoption and positive sentiment among investors reflects growing interest in TAO’s future development.
Read Also: Kaspa Market Signals Align as Expert Predicts KAS Price Rally to $1
Potential Price Targets and Confirmation Signals
A clear break above the falling wedge pattern, backed by heavy trading volume, would signal a potential rise in Bittensor’s price. This could push it toward the $750-$800 range, where the price has hit resistance before.
If the price can’t stay above these resistance points, we might see it drop back to test the $500-$600 levels. This would help confirm whether there’s more room to move up. The main concern is keeping the price above $300; falling below this could lead to a bigger drop.
Looking at the volume and technical patterns, TAO’s price might have room to climb higher. Investors are watching closely for a decisive move beyond resistance in the coming days.
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