There is new noise in the crypto space about Bittensor’s price as it approaches a key price level. The token is testing a strong support zone, and market participants are monitoring whether this level will hold or if a breakout is imminent. Adding to the intrigue, top analyst Crypto Pirates underscores optimism around TAO’s price potential, linking its prospects to the booming AI sector.
What you'll learn 👉
Bittensor Price Movement and Technical Analysis
The TAO chart reveals a descending channel that has defined the token’s price action since August 2024. This bearish pattern is characterized by two parallel downward-sloping lines, with prices consistently forming lower highs and lower lows. At publication, TAO’s price is testing a strong support zone near the $400 mark, a level where buyers have previously stepped in to prevent further declines.
Resistance levels within this channel are equally evident. The upper boundary serves as the main obstacle for any bullish reversal, while intermediate resistance at $600–$620 represents a significant hurdle based on past price rejections. A recent rejection in the $450–$480 range also suggests that bearish momentum persists, though the support zone remains intact.
TAO Support Zone Under Pressure
The shaded area around $400 has repeatedly proven to be a critical support zone. Buyers have historically defended this level, leading to price rebounds. However, if TAO’s price fails to sustain this zone, the token could face further declines toward $300 or lower. Conversely, a successful defense could pave the way for a breakout above the descending channel, signaling potential bullish momentum.
Traders should watch for any movement beyond the channel boundaries. A breakout above the upper trendline could indicate a shift in sentiment, attracting fresh interest in the token.
Read Also: Here’s When the Bitcoin (BTC) Price Will Peak This Bull Run
Optimism Fueled by AI Hype
Crypto Pirates brings a bullish perspective to TAO. He highlights the growing importance of AI in the market and positions TAO as a leading contender in the AI run. By referencing high-profile endorsements like Trump’s positive comments on AI.
Adding to the excitement, Trump recently announced a massive $500 billion investment in the AI sector. This development has bolstered the overall sentiment for AI-focused cryptocurrencies, including TAO, as investors anticipate strong growth and adoption in the sector. With AI gaining momentum globally, this announcement could further strengthen the bullish narrative around tokens like TAO.
While the overall sentiment remains optimistic, the price charts suggest cautious trading. Buyers and sellers alike will be closely observing the $400 support zone for the next move.
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