Bittensor （TAO） shows strong performance, defending crucial support levels and aiming for significant price increases.
Points
- TAO defends $317.88 support level, rebounds by 8%.
- Trading within an ascending channel since July 3.
- Rising Accumulation/Distribution Line and RSI signal bullish momentum.
- Positive funding rate indicates steady long positions.
- Potential for TAO to reach $417 if accumulation continues.
Bittensor （TAO）, the cryptocurrency powering Bittensor’s decentralized machine learning network, has demonstrated resilience in the past 24 hours. The bulls successfully defended the crucial $317.88 support level, leading to an 8% price rebound.
Since July 3, TAO has been trading within an ascending channel, characterized by upward-sloping parallel lines that act as support and resistance. The token has faced resistance at $364.15 and support at $317.88
. After trending towards support on July 19, the bulls defended this level on July 25, resuming the uptrend.
At press time, TAO’s price stands at $353, marking an 8% surge over the past 24 hours. The rising Accumulation/Distribution （A/D） Line hints at an increase in token accumulation, indicating a bullish sentiment. The Relative Strength Index （RSI） is also trending upward at 63.78, suggesting that buying pressure currently outweighs selling activity.
Further, Coinglass data shows that TAO’s funding rate across cryptocurrency exchanges has remained positive, indicating that futures traders are predominantly taking long positions. At press time, the token’s funding rate is 0.0075%, reinforcing the bullish outlook.
Should the accumulation persist and the market sentiment remain positive, TAO could break above the resistance level and aim for a monthly high of $417. However, any significant profit-taking activity might push the price below the support level, potentially driving it towards $200.
解説
- Bittensor’s price action highlights the importance of strong support levels in maintaining an upward trend, with $317.88 serving as a critical level for the bulls.
- The consistent positive funding rate reflects a bullish sentiment among futures traders, suggesting confidence in TAO’s potential for further gains.
- The ascending channel provides a clear framework for understanding the token’s price movements, with resistance and support levels guiding trading decisions.
- Indicators like the Accumulation/Distribution Line and RSI are essential tools for analyzing market sentiment, offering insights into buying and selling pressures.
- Future price movements will depend on sustained accumulation and broader market conditions, with a potential rally to $417 if the current trends continue.