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Cryptocurrency News Articles
Bittensor [TAO] Price Prediction: Bullish Outlook Signals Potential Bounce From $500 Support
Oct 23, 2024 at 12:00 am
Bittensor [TAO] has gained significant attention as one of the top AI coins poised for long-term growth. Despite a 10% decline over the past week, the token has seen a 20% increase this month, indicating a bullish outlook over longer timeframes.
Bittensor (TAO) has emerged as a standout performer among AI-related cryptocurrencies, attracting attention for its potential for sustained growth over extended periods.
Despite experiencing a 10% decline over the past week, TAO has managed to post a 20% gain over the month, indicating a bullish bias over longer timeframes.
A technical analysis of TAO's price movements reveals that the token recently broke out of an inverted head and shoulders pattern, pushing past the $600 level. However, it has since entered a consolidation phase.
According to Hyblock Capital, many traders mistook this breakout as the conclusion of the bullish trend, despite the absence of a clear structural break on higher timeframes.
As a result, a substantial number of short positions were opened, anticipating further price drops. However, TAO's price surged following this pattern, ultimately trapping these shorts.
The price has since returned to the breakeven level for these shorts, which often creates a psychological zone where trapped traders may look to exit, potentially leading to a price bounce if more shorts close their positions.
At press time, TAO was valued at around $560, still below this psychological level. A further decline toward the $500 zone could set the stage for a rebound toward $600 and higher, if market conditions improve.
On the 45-minute timeframe, TAO appeared to be in vertical accumulation after a recent correction, indicating the possibility of a potential bounce. The token's pullback to the $500 range could present a short-term buying opportunity.
A strong bullish convergence on the 4-hour chart suggested a price pump was likely, with a minimum target of $800 by 2025.
However, traders remained cautious, as the MACD indicator showed some weakness, indicating that if TAO loses support, prices could briefly dip below $500 again.
Bittensor's long-term outlook remains positive, but traders should keep a close eye on key levels for potential gains.
Despite the recent pullback, TAO is still among the top projects in the AI ecosystem, further bolstering its bullish potential.
The token ranks among the top five AI and Big Data projects by development, alongside Near Protocol (NEAR), Oasis (ROSE), and The Graph (GRT).
Bittensor's inclusion in this list highlights its strong position in the market, making it well-positioned to bounce back from the $500 level.
Traders should keep an eye on key price levels and market developments, as Bittensor is likely to experience further gains in the coming months.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
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