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- 1 TAO crypto dropped nearly 4.78% in Intraday and was trading close to $652.68 on Thursday.
- 2 The TAO/USD daily chart showcases the formation of a rising parallel channel pattern.
The Bittensor (TAO) crypto lost traction in Intraday and could not continue to rise further after witnessing a strong bullish candlestick yesterday. The price reversed in the afternoon session after witnessing swift gains in the morning and dropped lower.
The Bittensor price is down nearly 4.78% and currently trading close to $652.68. Moreover, the daily chart showcases the formation of a rising parallel channel pattern with the price rolling between the upper and lower boundaries of the channel.
Recently, TAO price took a rebound from the lower boundary of the rising parallel channel pattern and surged higher. The price rejection from the lower boundary of the channel indicated the presence of bulls near the lower boundary.
TAO Crypto Volatility Study
This chart exhibits the contrast between the volatility with the price movement in the TAO crypto. The volatility has been much lower, illustrating stability in the price is increasing.
Moreover, the Bittensor crypto seems comfortable at current price levels, indicating that the sellers are getting weaker, and the bulls may assist the crypto price to drive towards higher price levels.
Social Volume And Social Dominance Insights
The social dominance including X TAO news, X followers, and social volume (including active users of Telegram and Twitter), shows an activity of active users and X chatter rising and falling. These metrics confirm that the TAO token is gaining popularity.
Sentiment Overview About Bittensor Price.
The above chart displays the negative, positive, and weighted overall sentiments of the TAO crypto. The data exhibits frequent fluctuations of sentiments in the recent sessions from positive to negative. The fluctuations indicate the volatility in the crypto and the weighted sentiment is at -0.254, positive sentiment at 5.613, and negative sentiment at 2.276.
TAO Crypto Trend Outlook.
The long term trend outlook is positive which may invite more buying volumes at the lower levels. Now, the short term trend seems to be neutral and volatile until the TAO crypto is maintained between the boundaries of the channel.
Any breakout above the higher side of the upper boundary of the channel may indicate a short term trend shift towards the bullish side and the price may experience a short term bull run towards the $800 and $850 level.
On the flip side, any sustained move after the breakdown below the lower boundary may drag the Bittensor crypto price towards the multi month low value of $560 and $500 levels.
Conclusion.
The TAO crypto took support from the lower boundary of a rising parallel channel pattern and jumped higher yesterday. However, the bulls could not resume on the second consecutive day and lost after gaining in the early morning sessions. The daily chart showcases the formation of a parallel channel pattern with the price rolling between both the boundaries of the channel.
Now, the short term trend may remain neutral and volatile until the Bittensor price is maintained in the range. The breakout or breakdown on either side may decide a clear trend.
Technical levels:
- Support Levels: $560 and $489.
- Resistance Levels: $735 and $796.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.
