As Bittensor’s (TAO) price swings quickly on the MEXC platform, it has drawn market interest. At about $558.36 during the time of press, the price now is significantly higher than it has been during the past 24 hours by 19.71%. An 86.97% increase in the past week, fueled by notable purchasing activity, emphasizes this outstanding growth even more. Reflecting the continuous optimistic attitude in the market, several analysts, including Altcoin Sherpa, have found a possible goal of $560 as the next critical level before any significant retreat.
$TAO chart is insane, I never bought it. I think this goes to at least 560 before a pullback, maybe even higher. dips are for buying pic.twitter.com/YB4y7cZ5xx
— Altcoin Sherpa (@AltcoinSherpa) September 23, 2024
Breakout Above Key Levels
The TAO/USDT pair shows a solid upward trajectory, breaking above critical resistance levels that previously hindered price movements. The price has exceeded the mark of $355.46, a noteworthy milestone that has hindered past consolidations.
With this breakout, the market attitude has changed to show optimistic strength and draw more trade activity. As traders keep driving the price upward, the present trajectory shows that the next resistance level, found at about $560, is within reach.
Bullish Alignment
The chart analysis of TAO/USDT shows multiple exponential moving averages (EMAs) that underline the current market trend. The EMA 25, positioned at $344.18, highlights short-term momentum, while the EMA 55 at $318.80 and EMA 100 at $322.61 offer insights into medium and longer-term trends.
The EMA 200, at $336.52, is a crucial long-term trend indicator. With the price trading well above all these EMAs, it confirms a solid upward momentum. The short-term EMAs’ positions above the long-term ones, support the bullish outlook, suggesting continued upward potential.
TAO Targets $720 and FET Eyes $4.20 After Bullish SignalsSupport and Resistance Levels
The Bittensor (TAO) market scene depends much on support and resistance levels. Previously serving as the basis during times of price consolidation, the support level at $197.69 offers a vital floor before the rise.
Should the price retreat from its recent uptick, it could be a major support point. Conversely, $560 is the next important resistance level, a possible objective before any notable price adjustment. The close proximity of the price to this barrier emphasizes the need for market dynamics in deciding whether TAO can maintain its increasing trend or not.
