Bittensor (TAO) and NEAR Protocol (NEAR) Charts Signal Potential Bullish Moves

Recent analyses by two top crypto analysts have brought attention to Bittensor (TAO) and NEAR Protocol (NEAR). Each signals potential bullish setups on their respective charts.

Recent analyses by two top crypto analysts have brought attention to Bittensor (TAO) and NEAR Protocol (NEAR). Each signals potential bullish setups on their respective charts.

According to crypto analyst Mammon, TAO is positioned within a critical demand zone that could lead to a breakout. Meanwhile, Michaël van de Poppe has shared his bullish outlook for NEAR, targeting a price range of $10 to $15 in the next rally. Here's a closer look at their analyses.

Bittensor (TAO) Charts Show Key Support, Accumulation

Mammon's analysis highlights a 25% correction in TAO's price from its previous high. This pullback, rather than signaling a trend reversal, appears to be setting up a bullish scenario.

“TAO has made a healthy 25% correction since the last high and has reached a strong 12H demand zone while also tapping the 4H 200 EMA. Price also filled the imbalance as we see signs of an accumulation at this price level.”

$TAOTime to pay close attention to TAO, it's almost time to shine again??

Price made a healthy 25% correction since the last high and has reached a strong 12H demand zone while also tapping the 4H 200 EMA.

Price also filled the imbalance as we see signs of an accumulation… pic.twitter.com/c7FcCWx6qn

— Mammon (@Mammon1337) March 1, 2024

The price has touched the 4-hour 200 EMA, which often serves as a key dynamic support level, indicating a potential bounce. Additionally, signs of accumulation at the current price point suggest traders positioning for a possible upward move.

Two potential game plans are on Mammon's radar: if TAO reclaims the 200 EMA and breaks above the trendline, it could form a higher low, leading to a trend reversal. Alternatively, TAO might dip once more into the demand zone, offering another buying opportunity before targeting new highs.

Key Indicators for TAO’s Price Action

Mammon's analysis also emphasizes monitoring certain technical indicators. The 4-hour 200 EMA acts as a critical support, with any movement above this level signaling a bullish reversal.

The trendline marking the recent downtrend must be broken for this scenario to materialize, allowing for the formation of a higher low.

Another essential aspect is the demand zone between $475 and $500, where TAO's price has historically found support. This area is likely to serve as a foundation for potential upward moves.

Mammon advises traders to wait for clear confirmations, such as a break of the trendline or a reclaim of the EMA, to avoid possible bear traps.

NEAR Protocol Targets $10 to $15 in Next Rally

Michaël van de Poppe shared a positive outlook for NEAR Protocol, stating that the market is gearing up for the next leg up, with NEAR being a prime example.

“The markets are gearing up for the next big leg upwards. NEAR is slowly retesting the previous consolidation area and making its way up slowly. The next target in the rally is $10-15.”

The markets are gearing up for the next big leg upwards.

ADA is slowly retesting the previous consolidation area and making its way up slowly.

The next target in the rally is $10-15. pic.twitter.com/9tewdd6tQH

— Michaël van de Poppe (@CryptoMichaël) March 1, 2024

The analyst notes that NEAR has retested its previous consolidation zone and is gradually moving upwards. He anticipates a target range of $10 to $15 in the next rally, should NEAR’s upward trend continue.

The chart illustrates a significant downtrend in NEAR's price after peaking in early 2022. However, late 2023 saw a bounce, suggesting a possible trend reversal.

Key support levels between $2.76 and $3.41 have been crucial in maintaining stability, with recent price movements indicating attempts to form a new base. These support levels are seen as potential entry points for long positions, offering a favorable risk-to-reward ratio.

Volume and Technical Analysis for NEAR

Volume analysis on NEAR's chart suggests that the asset saw active participation during both upward and downward movements. While there has been a recent decline in volume, this could indicate a period of consolidation, preparing for a breakout.

Michaël van de Poppe points out that if NEAR successfully maintains support above $3.41, it could rally towards the $15 zone, which aligns with previous high points on the chart.

The Relative Strength Index (RSI) further supports this bullish outlook. The indicator, which

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