TAO Price Prediction 2022: Will TAO Price Skyrocket After the Breakout?
- 王林Original
- 2024-07-20 06:35:29463browse
On a daily time frame, the TAO price chart has displayed bearish momentum since April. The Bittensor price declined by facing resistance from the trendline and in lower lows and lower highs.
The Bittensor (TAO) price displayed bearish momentum in a lower high territory on a daily time frame. However, technical indicators and analysis suggested a bullish trend reversal. Here’s what to expect next.
Key Technical Points:
The TAO price is consolidating in a lower high territory after facing resistance from a trendline.
The crypto asset price is aiming to reach the $640 mark after a successful breakout from the falling wedge pattern.
The daily time frame showcases a golden crossover in MACD and an RSI in the overbought zone.
After a continuous bearish trend since April, the Bittensor crypto price finally showed signs of recovery. Last week, TAO price extended to a lower high territory with strong buying momentum.
On a daily time frame, the Bittensor crypto price performed positively for a week. It has extended to the trendline, which is a lower-high territory. Suppose the TAO price consolidates near the trendline for some time and triggers a breakout, a buying opportunity can be observed.
Strong buying momentum could be seen if the chart structure manages to attract investors. Alternatively, bears may dominate if the crypto asset price faces resistance from the trendline and engulfs the previous candlestick.
Sellers may show interest in the lower high territory, resulting in a new lower low territory.
Based on the technical indicators, the MACD displayed a golden crossover with the signal line, and the histograms remained deep green. The RSI has rapidly extended from the oversold zone to the overbought zone. Overall, the technical indicators favored the bullish forecast at press time.
Can the TAO Price Shoot Up Soon?
A source on X suggested that the TAO price has been falling through a falling wedge pattern. However, it triggered a breakout from the falling wedge pattern and was ready to shoot up soon.
The mighty $TAO breakout continues uD83DuDE80uD83DuDE80
https://t.co/kso6GGA4SN
pic.twitter.com/VGLivaqSnB
The price might reach the $640 mark after the successful breakout.
Technical Levels
The Bittensor crypto price is expected to face resistance from the $340 and $460 levels. The price may take support at the $257 and $200 levels.
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