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July 18, 2024
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Bittensor TAO Is Bullish Despite AI Crypto Wave, Traders Alert

The post Bittensor TAO Is Bullish Despite AI Crypto Wave, Traders Alert appeared first on Coinpedia Fintech News

Despite the AI crypto marker surge Bittensor(TAO), the 4th largest AI coin by marketcap is struggling to rebound. TAO’s performance in a weekly chart is neutral but it is plummeted to 35.2% in a month frame. 

TAO’s performance at the start of May was bullish with a 48% increase to a resistance of $487  in just 6 days. But the bulls couldn’t holland long and the price dipped to $391, at the time of writing. 

The price rallied down breaking all major support zones with high selling pressure, and now forming new support levels at $381.29 and $372. Also trading below 50 days and 200 SMA. 

The RSI reading at down the 50 midline level 37 shows increased selling pressure. 

However, the TAO has now formed a sideway pattern, indicating a physical zone for neutrality. Bulls now demand for a potential breakout from the zone $382 to $402 is much required, any direction above or below this will continue the rally in the same direction. 

Trade Setup: Enter in $382 to $402, without the $382 breakout for stop loss.
Trend: Neutral but Long-term Bullish.

Bittensor (TAO) Price Prediction

The overall current technical indicator shows a neutral above-support momentum. Currently on a breakout with a downward channel followed by a sideways pattern.

The price trading below 50 days and 200 days SMA entranced a death cross moment, the price is motivated to push down from here and hold at new support. 

Traders should wait for the selling pressure to end and watch the price near $372 to enter the positions. 

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