- Bittensor price analysis suggests a breakout above 200 EMA.
- TAO price is in a recovery phase with robust bullish momentum.
Bittensor’s price analysis suggests a bullish momentum in the TAO price. Recently it broke out from the falling wedge pattern indicating bullishness in the price. But the price will gain momentum when it succeeds in breaking out the 200-day EMA hurdle.
Bittensor’s price is in a healing phase and bulls are attempting to maintain the recent gains. It shows that bulls are accumulating the TAO at a lower level and pushing the price to a higher level.
The 50-day EMA is heading in an upward direction and might show a bullish crossover if the buyers maintain the positive momentum. If the crossover happens, then a robust bullish momentum might be visible and the price may spike up to 30% to 50%.
The recent bounce looks reliable so the price is likely to hold the recent gains. TAO price gave a breakout at about 50 EMA level and is trying to sustain above it. Technical analysis indicates an upcoming uptrend with solid bullish momentum.
According to CoinMarketCap data, TAO price was trading at $447.15 with an intraday surge of 20.20%. The 24-hour trading volume was $298.74 million and the market cap stands at $3.74 billion.
Will TAO Price Gave Breakout Above 200 EMA?
On the upper side, the $498.24 level might act as a resistance. Buyers should wait for confirmation of the breakout above the 200-day EMA before taking long positions. However, the increased trading volume indicates that the probability of breaking above 200-EMA is on the higher side.
TAO’s price has formed a solid base near $350.00. So if the price falls, then the probability of bouncing back remains high.
The RSI indicator indicates a positive momentum as it is heading in the upward direction. If the recovery continues bulls will push the TAO price above the 200-day EMA. If this happens then the price may show a sharp rally of 30% to 50%.
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