- TAO forms a triple bottom at $150-$200 support and breaks the long-term downtrend line, signaling a bullish trend reversal.
- Price volatility in October saw TAO spike above $400 before a quick dip, followed by steady recovery and renewed buying interest.
- Technical indicators show strong buying pressure with Bull Bear Power at 107.4 and RSI in overbought territory near 70.25.
Bittensor (TAO) is showing signs of a breakout after forming a triple bottom near $150-$200. With a recent break above the downtrend line, TAO aims for a potential rally toward $1,250.The has recovered steadily and fast from the recent liquidation event.
Bittensor (TAO) Nears Key Breakout After Holding Strong Support
Bittensor (TAO) weekly chart points to a solid support zone between $150 and $200, where the price bounced back three times. This triple bottom pattern often means the downtrend could be ending.
There’s also a downtrend line connecting lower highs since late 2023. TAO’s price broke above this line, maybe due to a shift from selling to buying pressure. Crypto trader CryptoBoss1984 suggested that this could be a strong sign for bullish momentum ahead.
If this breakout holds targets ahead lie as high as $1,250, based on the size of the pattern. Trading volume however remains a key factor to watch.
Price and Market Cap Show Volatility in October
TAO’s price started around $340 on October 7,then it dipped slightly and hovered near $320-$330, and then it shot up past $400 on October 10-11.
That spike didn’t last long, as a quick drop pushed the price below $280 on October 11. After hitting that low, TAO steadily recovered and pushed back above $400 by October 13. Volume went up during these swings, showing strong trading activity.
The market cap followed rising from $3.3 billion to almost $4 billion before falling below $2.8 billion, and then climbing back past $3 billion. These moves reflect a market reacting quickly to price changes.
Technical Indicators Suggest Possible Pullback Before Next Move
Looking closer, TAO’s short-term charts show a strong upward correction that could reach around $427 or even $435 if the bulls stay in control. This might trigger a golden cross, a positive technical signal.A fall could take TAO toward $411. A bigger fall could take it below $403.
The Bull Bear Power (BBP) indicator stands at 107.4,and the Relative Strength Index (RSI) is overbought at 70.25. We could see a pullback or consolidation soon.Buyers are currently in full control of the market and if trading volume keeps rising a rally is imminent.
