$TAO
Bittensor (TAO) has firmly cemented itself as one of the standout performers in the crypto space this month. Since the start of April, TAO’s price has surged from $255 to nearly $400, marking a remarkable rise.
This upward momentum aligns with CCN’s earlier analysis, which suggested that TAO had the potential to continue its bullish run.
While many altcoins have recently exhibited similar price increases, TAO is setting itself apart by refusing to relinquish its gains.
TAO Continues Ascending
TAO’s price rally began after the altcoin broke out of a bullish pennant formed between February and April 7.
A bullish pennant resembles a small symmetrical triangle formed by converging trendlines after a strong upward move and downtrend.
Once the price breaks out of the top, it tends to resume the bullish trend. This was the case with TAO, as the breakout led to higher lows and highs for the cryptocurrency. As of this writing, TAO trades within an ascending channel, aiming to break the resistance near $400. A critical look at the daily chart shows that TAO’s price will likely move above this threshold quickly.
One indicator that supports this forecast is the Chaikin Money Flow (CMF). The CMF measures the accumulation or distribution of an asset over a specific period (usually 21 days).
It combines price action and volume to assess the market’s buying or selling pressure. A reading below zero indicates dominant selling pressure. TAO Price Analysis: Golden Cross Support More Upside
Zooming into the same daily chart, we observed that TAO has formed a golden cross. A golden cross forms when a shorter-period Exponential Moving Average (EMA) rises above the longer one, and is usually bullish.
The 20 EMA (blue) has climbed above the 50 EMA (yellow), indicating a bullish trend. The last time a similar thing happened, TAO’s price went from $290 to $680 within a month.
Therefore, if history rhymes with the current price action, the market value could rise and breach the $458.10 resistance within a few weeks.#writetoearn