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The scepter of buyers created a bullish spell in Bittensor (TAO) on the daily chart from July 7th, 2024, which displayed more than 60% growth in the past three weeks.
When writing, the struggle to advance upward continued as the 200-day EMA band acted as an interruption that needed to be cleared.
Bittensor (TAO) fell by 7.10% in market value and was optimized by 25.39% in trading volume in the last 24 hours, per the CoinMarketCap website. Its market value was $2.257 Billion, and its trading volume was $63.545 Million.
There were 7.122 Million TAOs in circulation, nearly 33.91% of the total supply of 21 Million TAOs. Despite the low circulating supply, it succeeded in garnering the crowd’s interest, as its total supply seemed low compared to the other options in the cryptoverse.
Additionally, the frightened bears tried to suppress the bulls’ spell near $358, and the struggle appeared on the chart as a pause. The same has been confirmed with the 24-hour liquidation data, where longs were $95.06K and shorts were $17.48K.
The open interest was at $48.63 Million, indicating that nearly 12.06% of contracts closed within 24 hours. Despite that, the derivatives volume showed a surge of 37.40%, which amounted to $112.15 Million.
What Do TAO Crypto Technical Charts Represent?
The analyst @SatoshiFlipper has been optimistic about the Bittensor (TAO) and hopes for nearly 2x gains in the near future. One such analyst shared a chart on X, where he marked that the price could be $640 or higher contingent on buyers.
$TAO/usdt DAILY
— Satoshi Flipper (@SatoshiFlipper) July 24, 2024
doesn't get more bullish than this -> classic breakout, retest, continuation in progress, target $640 LFG 🎯 pic.twitter.com/jHacNgLlRu
The TAO 1-D price chart shows some positive points based on such enthusiasm. For example, the price has surpassed the 50-day EMA band and displayed sustenance to overrun the 200-day EMA.
On the chart of TAO, the breach of $358 would open the front door to run fast for the north. Likewise, the MACD histogram grew to 5.46, and the RSI to 55.46, which pointed towards a sideways to bullish shift.
A Deeper Look Into TAO Price
A further look at the chart reveals that the TAO token showed that the past action in price formed a 120-day correction as a falling wedge on the daily chart. The earlier price gains of 250%, from $200 to $746, were neutralized by bears by July 7th, 2024.
In the last 20 days, the TAO price has been bullish, where it has experienced more than 65% growth from the historical key support. In the latest 10 days, it breached the falling wedge pattern, precisely a bullish pattern.
Moreover, if the price surges beyond the 200-day EMA band and $358, the nearest targets would be $436 and $531, respectively. However, the pattern would lose bullish significance if the TAO price slips back into the wedge.
Likewise, the slippage below $300 could also throw the price toward $200 (DYOR).
Bittensor (TAO) surged 60% in three weeks but faced resistance at $358. Bulls targeted $436 and $531, while bears eyed $300 and $200. Low supply and strong investor interest drive the price. TAO broke out of a falling wedge pattern, signaling bullish potential.