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- 1 TAO price exhibits buying momentum and is heading toward $400.
- 2 Buyers have gained strength and are accumulating.
TAO, the native token of Bittensor, reflected a massive pullback from the 50-Day EMA mark and surged over 40% this week, exhibiting buying momentum. Moreover, the token is preparing to escape the prompt hurdle of $380 and is molding its vision to claim $400 in the following sessions. The trend is intact and displays a bullish bias, suggesting that the token may continue to extend the gains. Amidst the market volatility, the TAO token price persists in delivering follow-on buying momentum and justifies bullishness.
TAO price climbed above the key moving averages and is heading to cross the hurdle of $400. Meanwhile, the bears have trapped and are covering their positions, which may carry forward the up-move. The price action reflects the bulls’ strength and depicts accumulation. A sharp rebound from the 50-Day EMA and a channel breakdown reflects the buyers’ dominance.
This cryptocurrency’s price was $372.18 at press time, with an intraday gain of 11.43%, showing follow-on buying momentum. Moreover, the trading volume increased by 17.10% to $10 Million, highlighting bullishness. The pair of TAO/BTC was noted at 0.00876 BTC, while the market cap is $2.28 Billion. Analysts are bullish and suggest that the token will continue to extend gains and may surpass $400 in the following sessions.
TAO On Daily Chart Displays Sharp Pullback From 50-Day EMA
The TAO token has delivered fresh buying momentum on the daily charts and is anticipated to cross the prompt round mark of $400. Furthermore, the price action signified the three white soldiers pattern and consecutive buying interest was witnessed, which gives a strong conviction that the token may continue to surge in the following sessions.
The relative strength index rose to the overbought zone and showed a positive divergence, suggesting an outperform outlook. The MACD indicator shows a bullish crossover, and the green bars formed on the histogram replicate bullishness on the charts.
TAO On Weekly Chart Reveals Buyers’ Accumulation
On the weekly chart, TAO token delivered a massive bullish marubozu candlestick which engulfed the past five candles in a single bounce which justified the bulls strength. Additionally, the token has pulled back from the 20-Day EMA mark and will cross its all-time high mark of $397 in the following sessions.
Summary
TAO token price has revealed intense pullback and is rolling gains toward the swing high of $400. Moreover, sharp buying momentum was witnessed, and follow-up buying action suggests that the token is preparing to make a fresh high.
Technical Levels
Support Levels: $365 and $350
Resistance Levels: $385 and $400
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
