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
