Ammar Raza

Bittensor (TAO) Poised for Breakout: Analyst Predicts $635 Target

Bittensor
  • Bittensor (TAO) experienced a 5% decline last week but surged 22% over the last 30 days, showcasing resilience in a volatile market.
  • The broader cryptocurrency market has shifted to a bullish phase, driven by Bitcoin’s recent rally, aiding TAO’s recovery.
  • Analyst highlights TAO’s potential for a significant upward movement, especially if it breaks above the $300 resistance level.
  • Analysts suggest that if bullish momentum continues, TAO could reach the $635 target, making it a cryptocurrency to watch closely.

Bittensor (TAO) is catching a lot of attention from both analysts and investors, some of whom have predicted that the cryptocurrency will rise significantly. The recent dip that TAO has taken, a 5% loss in the past week, seems to tell quite the opposite story of what happened over the last 30 days, which remains an impressive, jaw-dropping 22% increase. This surge in value underscores its resilience and remedial potential in a volatile market.

The broader cryptocurrency market has recently shifted from a bearish to a bullish phase, largely driven by Bitcoin’s latest rally. After Bitcoin’s surge, many altcoins, including TAO, were pulled out of their lows and into recovery.

Bittensor changes hands at $268.18 at the time of writing, with $259.09 million in trading volume over the past 24 hours. With a market capitalization of $1.91 billion. The price is down by 0.54% in the last 24 hours, but sentiment around TAO remains very positive.

Analyst Eyes $635 Target For Bittensor (TAO)

Bittensor (TAO) has caught the eye of seasoned crypto analyst Jonathan Carter, who recently shared his optimistic view on the token’s potential price movement. According to Carter, Bittensor is currently trading within a descending channel on the daily chart—a pattern that often signals a continuation of the current trend. However, what makes this scenario intriguing is the recent price action around a crucial support level.

TAO has been testing the support zone near $220, a level that has held firm in recent days. This bounce off the support suggests that the downward momentum might be losing steam, setting the stage for a possible trend reversal. Carter highlights this development as a key indicator that TAO could be gearing up for a significant upward movement.

The next critical area to watch would be the upper resistance level, which is hovering at $300. If Bittensor break above this resistance, then that may signal a strong rally. In such a breakout, prices would get propelled toward the next major zone of resistance at $635, which Carter believes can be within reach if bullish momentum continues building.

Investors and traders are now keeping a watch on TAO, given that the coming days could decide if the token is to hold position within the descending channel for longer or break out, which could lead to significant gains.

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Ammar Raza

Ammar Raza