Bittensor [TAO] has broken through a long-term descending channel, sparking excitement among traders regarding a potential cup and handle pattern.
As of the time of writing, the trading price of this cryptocurrency is $525.9, having surged over 20% in the last 24 hours, while trading volume skyrocketed by 183.78%.
TAO price trend: Bullish momentum strengthening
The price trend of TAO has clearly turned bullish, with a breakout from the downward channel signaling the beginning of a strong upward trend.
This cryptocurrency is approaching the critical resistance level of $607, which may become a pivotal point for its trend.
A sustained breakthrough at this level will confirm a bullish reversal and open the door for further increases; based on historical price structure and technical patterns, $800 will be a potential target.
However, failing to break through $607 may lead to short-term consolidation, providing traders an opportunity to reassess market conditions.
With increasing trading volume and market enthusiasm driving this momentum, it indicates that bulls currently have a firm grip on dominance.
Analysis of Fibonacci levels indicates that TAO has reclaimed the key 0.618 retracement level of $492, suggesting that its upward trend will continue.
The next significant level is near the 1.618 extension level, at $660, which may become the next target for bulls.
As of the time of writing, the RSI is at 52.98, indicating a neutral zone with room for further upward movement.
Thus, technical indicators support the possibility of sustained upward momentum, but overbought conditions may slow the upward progress in the short term.
As interest grows, TAO's social dominance has surged dramatically.
The social dominance of TAO has sharply increased from 0.168% to 0.375%, reflecting the rise in cross-platform discussions and awareness.
The rise in social interest is typically associated with increased trading activity and enhanced investor optimism.
Moreover, the increasing attention around TAO may provide further support for its price trend. However, traders should remain cautious as excessive attention can sometimes lead to increased volatility.
Bullish sentiment highlighted
The long/short ratio indicates a bullish tendency, with 61.22% of traders holding long positions. This optimistic sentiment aligns with the breakout, but if selling pressure arises, this imbalance may lead to a correction.
Additionally, open contracts rose by 28.44% to $218.74 million, highlighting strong market participation. These indicators reflect an increasing confidence among traders, further confirming the sustained price rise.
Conclusion: The upward momentum of TAO may continue.
With strong technical indicators, rising social dominance, and bullish sentiment, TAO's breakout seems poised for further gains.
The ongoing momentum suggests that bullish momentum may persist as market confidence grows. However, traders should be prepared for potential short-term fluctuations.
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