Bittensor has been spiking for some days and this could be the beginning of some bigger moves based on a chart analysis by World of Charts
Based on World of Charts analysis, TAO price is in a phase of consolidation, with its price action confined within a narrow range. The support level is identified as around $360, while the resistance is around $470. This phase reflects a market in a state of indecision, where neither bullish nor bearish forces are dominant, leading to a horizontal price movement.
- Support Level: Previously a resistance during its last breakout, the $360 level now acts as a crucial support. This level is significant as it could serve as a launchpad for any upward movement if the market sentiment turns bullish.
- Resistance Level: The $470 mark represents the ceiling of the current consolidation range. A successful breach of this resistance could be the catalyst for the anticipated price spike, signaling to the market that TAO is ready for another leg up.
TAO Price Set for Another 100% Increase
According to the analyst, should TAO price manage to break out from its current consolidation phase, investors could witness a repeat of history with the price potentially doubling within a few weeks. This prediction leverages the pattern observed after the last consolidation breakout, where TAO demonstrated substantial gains.
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The chart shows a descending trend line that has been capping the price since September. However, the price action hints at a potential breach of this trend line. Should this breakout be sustained, it would serve as a strong bullish indicator, suggesting that TAO might be on the verge of an upward trajectory.
The analysis indicates that Bittensor price is positioned for a potential price surge if it can break out of its current consolidation range. A confirmed breakout, and increased volume, could see TAO value double in the near term, mirroring its historical performance.
