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Can Bittensor [TAO] Break the $607 Resistance, Reach $800?
In a stunning turn of events, Bittensor’s TAO has rallied with a 20% surge, signaling potential for extended bullish momentum. As traders assess the implications of this breakout, the question on everyone’s mind is whether TAO can break the $607 resistance and reach $800.
The cryptocurrency has broken out of a prolonged descending channel, forming a bullish cup-and-handle pattern. This development has sparked excitement among traders as technical indicators and metrics support further gains. As it stands at $525.9, the momentum suggests that TAO is poised for a sustained rally as market confidence grows.
Analysts point to strong technical signals as the primary driver of this surge, emphasizing the recent breakout from the descending channel and the formation of the cup-and-handle pattern. This development has been bolstered by an extraordinary 183.78% spike in trading volume, further validating the ongoing price movement.
While some may be tempted to attribute the rally solely to market sentiment, experts argue that fundamental factors cannot be ignored. The sudden surge could be attributed to growing interest and awareness around TAO, as reflected by a sharp rise in social dominance. This trend is characterized by increased discussion and attention across platforms, typically correlating with heightened trading activity.
The possibility of further gains cannot be dismissed, especially considering the recent price action. Fibonacci levels reveal that TAO has reclaimed the critical 0.618 retracement level at $492, suggesting a continuation of its upward trajectory. Furthermore, the RSI is situated in a neutral zone, indicating there’s room for additional growth.
As Bittensor [TAO] approaches the critical resistance level of $607, it’s essential to acknowledge the risks associated with any potential correction. While the cryptocurrency has made significant strides, traders should remain cautious, recognizing that market volatility can never be fully ruled out.
Ultimately, while predictions are always speculative, the current technical landscape suggests a strong probability of TAO breaking the $607 resistance and reaching $800 in the near future.
Source: ambcrypto.com
