• Bittensor (TAO) shows bullish momentum with a 0.96% rise in the last 24 hours and increased trading volume.
• Despite a recent uptick, TAO has experienced a 4.43% drop over the past week, indicating short-term volatility.
• TAO’s price range is neutral between $420 and $368, with support at $330-$320 and resistance around $455.

Bittenor (TAO) is currently trading at $405, up by 0.96% in the last 24 hours. The trading volume has increased by 23.58%, and currently it is at $338.53 million. This increase in volume is an indication that the market is bullish towards TAO.

The TAO coin has experienced a 4.43% decline in price over the past week, despite the optimistic trend in the last 24 hours. This negative trend suggests that the coin has not been able to maintain its value over the long term, despite exhibiting short-term momentum.

Source: CoinMarketCap

Bittensor (TAO) Nears Resistance, Breakout Looms

A prominent analyst, Alpha Crypto Signal, has highlighted a possible breakout pattern on the 4-hour chart. The price is experiencing a resistance trendline that has been tested several times. A confirmed close above the trendline, with another test to act as support, may indicate a potential long entry. This structure indicates that the target price will be between $450 and $480, where traders can consider making profits.

Source: X

With the possibility of a breakout, there is a risk of a sharp downside move. The gray zone is also mentioned as a high liquidity area. A fall into this range will cause a rebound, which will present a possible buying opportunity. Breakout and liquidity sweep situations are both possible, and so traders should be vigilant of both.

Also Read: XRP’s Bullish Surge: Can It Break $2.64 and Target $2.88?

Additionally, another analyst, Crypto Jobs, revealed that Bittensor (TAO) was in a neutral range with a price between $420 and $368. A decrease in price below its current position of 368 will result in additional losses, and the support price is between $330 and $320, which suggests that the token is in a bearish trend.

Source: X

However, remaining higher than $415 would be an indication of a possible bullish reversal. To ensure long-term upward movement, a weekly close to or above $455 is required, implying a change in market sentiment towards the positive.

Source: X

Trading Volume and Open Interest See Significant Increases

According to CoinGlass data, the trading volume has grown by 33.86%, totaling $925.53 million. The open interest also increased by 3.91% to a total of $280.26 million. The Bittensor OI-Weighted Funding Rate is 0.0037%, which represents a change in market dynamics.

Source: CoinGlass

The market trend of TAO is not yet clear, as both the bullish and bearish markets are active. Traders could closely observe the potential breakout or downfall in the near future. The volatility of the cryptocurrency necessitates consistent monitoring to transform possible risks and opportunities.

Also Read: Bittensor (TAO) Forms Bullish Pennant as Price Gears Up for Major Breakout