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Cryptocurrency News Articles
Bittensor (TAO) Price Prediction: TAO Ichimoku Cloud Shows Consolidation, RSI Is Back To 50
Oct 25, 2024 at 07:30 am
Bittensor (TAO), one of the leading artificial intelligence coins in the market, is currently showing signs of consolidation.
Bittensor (TAO), a leading artificial intelligence (AI) coin, is currently showing signs of consolidation in the market. Key market indicators, such as the EMA lines and Ichimoku Cloud, suggest indecision among traders, with neither buyers nor sellers fully controlling the price action.
TAO’s movement appears to be range-bound, lacking clear momentum to either break higher or fall significantly lower. The EMA lines are converging, hinting at the possibility of a “death cross,” which could spark a substantial correction if the market loses momentum further.
Taking a closer look at the Ichimoku Cloud chart for TAO, we can observe a mixed depiction of the current market conditions. The price is currently trading close to the cloud, suggesting indecision.
The cloud itself (Kumo) is mostly flat and has both green and red areas, indicating an overall neutral trend. Recently, the price attempted to break above the cloud, but it failed to gain significant upward momentum, suggesting resistance.
The Tenkan-sen (Conversion Line) and Kijun-sen (Base Line) intersect near the current price, suggesting that the market is searching for direction. The leading span A and leading span B, which form the cloud, are not diverging sharply, pointing to potential range-bound movement.
If TAO, which is the largest AI coin in the market today, can break decisively above the cloud, it could indicate a bullish shift. Conversely, a fall below the lower cloud boundary would suggest a bearish trend. At the moment, the market appears hesitant, with buyers and sellers evenly matched, leading to sideways movement.
Zooming in on the RSI chart for TAO, we can see that the RSI is currently at 50, rising from 31 just a day ago. This swift movement suggests renewed buying pressure, bringing market sentiment to a neutral level.
A jump from oversold conditions to a midpoint like this often implies a shift away from strong bearishness but not necessarily toward bullish dominance yet.
The Relative Strength Index (RSI) measures momentum by indicating whether an asset is overbought or oversold. An RSI of 50 means that the market sentiment for TAO is currently balanced.
At this level, there is no strong bias towards buying or selling, suggesting that the price might consolidate until new catalysts drive momentum in either direction.
Moving on to the TAO price chart, we can observe that the price is currently trading within a range, encountering resistance at $600 and $618 and support at $503 and $473. The EMA lines also depict this sideways action, with the short-term EMAs converging on the long-term ones.
The short-term EMA lines are close to crossing below the long-term EMA lines, which, if confirmed, could form a “death cross.” A death cross typically signals a bearish reversal, implying that downward pressure could intensify and trigger a significant correction.
If TAO price can recover its uptrend, it could test the resistances at $600 and $618 soon. This would mark a potential 12% price surge. However, if the uptrend isn’t strong enough and the trend is reverted, TAO could go as down as $473, marking a 14% price correction.
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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