Bittensor (TAO) Rebounds from Critical Support Level After 13% Surge – Is Further Upside Likely?
Bittensor’s native token TAO has demonstrated notable resilience, recovering a key support zone following a 13% price appreciation. Market analysts are now assessing whether this rebound signals the start of a sustained upward trajectory. The cryptocurrency’s technical structure appears favorable, with on-chain metrics suggesting accumulation at current levels. Traders are closely monitoring TAO’s ability to maintain this support, as a successful defense could pave the way for a retest of higher resistance levels. The asset’s performance comes amid broader market consolidation, positioning TAO as one of the standout altcoins in the current cycle.
TAO price analysis
Nvidia’s recent move has clearly been taken as a bullish cue by traders, with TAO’s open interest surging over 20% in the last 24 hours. According to Santiment data, its weighted social sentiment also turned positive during the same period.
On the 1-day TAO/USDT chart, the token has successfully reclaimed the $218 support level, which has been acting as a key support level on multiple occasions in the past.
According to market commentator Bitcoinsensus, TAO has formed a double-bottom pattern on the weekly chart, a formation often seen as a trend reversal signal. A confirmed breakout above the pattern’s neckline could open the path toward a medium-term price target of $1,330, according to the analyst.
Looking back at the daily chart, TAO also seems to be breaking out of a multi-month falling wedge setup, another bullish reversal sign.
With the pattern nearing convergence, the recent breakout suggests sellers are losing control. If the move holds, it could trigger a sustained uptrend, with momentum already backing the breakout. TAO’s RSI has climbed above 55, and its MACD lines have formed a bullish crossover.
Therefore, the initial target will likely be at $470, which is up by 82% above the current level.
Some analysts have set even more ambitious price targets. Per trader, Crypto General TAO could continue $760 as the next major psychological resistance, with a secondary target at $1,340 should strong bullish momentum persist.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
