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The price of Bittensor (TAO) has increased by 14.47% in the last 24 hours. TAO price reaches $513.29 as increased investor confidence and strong technical setups drive momentum.
Analysts like VipRoseTr highlight the completion of key bullish patterns such as the rounded bottom and the breakout of the descending channel. Both indicate significant growth potential in the short term.
Rounded bottom formation at Bittensor price
The completed bottom rounding pattern on the TAO chart indicates a major shift in market sentiment from bearish to bullish. This classic reversal pattern shows that the price has been in the process of consolidation and will gradually rise as buyers slowly enter the market.
VipRoseTr identified the rounded bottom structure as a signal for the end of the uncertain phase and the beginning of another aggressive bullish movement towards the next price levels.
Descending channel breakout
In addition to the rounded bottom, the TAO also rejected the descending channel that marks the end of the consolidation. This breakout is very important as it shows that the bearish pressure has been exhausted and the price is being pushed higher.
This cross above channel resistance is supported by high volume and positive sentiment, making it an excellent signal of further price growth.
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Also, the analyst gave two high price targets for Bittensor price. The first target at $899.9 is a key level. A close above this level will definitely be considered a confirmation of recovery.
A break of this level would strengthen the bulls and pave the way to another target at $1115.9. This second turning point is drawn from the rounded bottom added to the breakout point and illustrates the possibility of a huge price increase.
Bittensor (TAO) Price Action Reflects Growing Confidence
Over the past day, TAO traded between $450.98 and $540 maintaining the important $500 barrier. The value of the cryptocurrency increased by 14.99% as its market capitalization reached $3.78 billion.
This shows that even in such conditions when the trading sessions are very volatile, it is still possible to maintain important levels, which is an indication of further growth of TAO.
TAO’s trading volume increased significantly by 225.87% to $335 million, indicating an increase in market trading and liquidity. A clear sign of the increased interest of both physical and institutional clients in this market.
Request sor Support and resistance levels
The first support level for TAO is $500, which was a strong resistance level during the recent price rally. Below that, the $480 support level is there to catch any bearish divergence and maintain the bullish structure.
Maintaining these support levels is very important in order to continue the growth and prevent a more serious pullback.
On the positive side, $540 is a key resistance level and sellers at this level can take buyers to the test. A break above $540 could lead to a test of $550, a big number that could be a gateway to the first target at $899.90 in TAO.
A break above these levels for the Bittensor price would confirm the bullish outlook and pave the way for continued upward momentum.
