Bittensor (TAO) Price’s 80% Rally Depends on One Key Breach
beincrypto.com 16 September 2024 10:48, UTC Bittensor (TAO) price has struggled to breach the $357 resistance level. Despite these failed attempts, the conditions for forming an ascending triangle pattern are becoming more apparent.
This bullish pattern suggests that a potential 79% rise for TAO could be on the horizon if certain key levels are flipped into support.
Bittensor Investors Are Optimistic
The Sharpe Ratio, which measures risk-adjusted returns, has been highlighting a strong buying opportunity for Bittensor. Over the last few days, it has remained positive, suggesting that the reward of holding TAO outweighs the risks. This is a promising sign for investors looking to capitalize on the potential bullish breakout.
As the Sharpe Ratio continues to reflect favorable conditions, market sentiment remains optimistic. Traders are betting that TAO will gain momentum in the coming days, which could be the catalyst needed for it to breach the critical $357 level finally.
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Furthermore, the overall momentum for Bittensor is also showing strength, particularly when examining the funding rate. Recent data reveals that long contracts are dominating shorts, signaling that traders are expecting a price rise. The positive funding rate is a clear indication that the market is leaning bullish, with expectations for a breakout continuing to build.
This aligns with the technical indicators pointing to a potential surge in TAO’s price. Traders are optimistic that the dominance of long positions will fuel further upward movement, with key resistance levels now within reach.
TAO Price Prediction: Resistance Ahead
TAO price is currently trading at $300, slightly below the crucial $301 level. If the altcoin can flip this level into support, it could rise toward $357 and break out of its bullish ascending triangle pattern. Achieving this would set the stage for further gains and validate the bullish scenario.
Even if TAO initially struggles to breach the $357 barrier, maintaining support at $301 could allow the cryptocurrency to sustain its bullish momentum. This would give the altcoin room to build strength and try again at a later time. However, if Bittensor fails to hold $301, it could lose momentum and fall toward $263.
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A drop below $263 would signal a weakening bullish trend, sending Bittensor down to retest the lower trend line above $217. This scenario would invalidate the bullish thesis and lead to further losses for the altcoin.
