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Bittensor Price Breaks Descending Resistance Spiking 10% — New ATH Soon?

Last Updated April 10, 2024 1:55 PM
Nikola Lazic
Last Updated April 10, 2024 1:55 PM

Key Takeaways

  • Bittensor breaks descending resistance, spikes 10%.
  • Market watches closely; potential outperforms expectations.
  • New ATH possible if momentum continues.

Bittensor’s price has broken its descending resistance line today, April 10, surging by an impressive 10%. This unexpected rally has sparked excitement among investors and traders alike, raising speculations about the possibility of Bittensor reaching a new all-time high (ATH) soon. 

The cryptocurrency market, known for its volatility, has been closely watching Bittensor’s performance, especially considering its potential to outperform market expectations. As we delve into the factors behind this rally and what it could mean for Bittensor’s future, the question remains: Is a new ATH on the horizon for Bittensor?

TAO Price Analysis 

TAO price reached an all-time high of $756 on March 7. Since then, we saw a downtrend that brought the price down by 39% to a low of $462 on March 30. A descending channel was formed, and today, April 10, TAO finally made a breakout above its descending resistance, coming to a high of $644, resulting in a 40% recovery from its March 30 low. 

4-hour chart

The 4-hour chart shows that TAO peaked above its descending resistance between March 17 and 20, making this current breakout unconfirmed. But if the price stays above it on the retest, it could continue increasing. 

The Relative Strength Index is currently sitting at 60%, as the price declined by 6% from today’s high. This makes the case for more upside room before it gets overbought. MACD oscillator signaled the starting uptrend yesterday when the bullish momentum started. According to these two technical indicators, TAO could continue its upward trajectory, but can it reach a new all-time high? 

Zooming into the daily chart, we see that TAO most likely ended its wave 5 from the highest degree count at its all-time high. Falling to 0.5 Fibonacci retracement level makes the possibility of a new ATH less likely since the depth of the retracement suggests the bullish momentum is losing its power. 

Daily chart


More likely, the March 30 low was the completion of the first structure in a more significant correction, with the current rise being its correction to the upside. If this is true, TAO could recover to as high as $695 with this possibility remaining. 

But if it exceeds $700 on the current rise, the price of Bittensor would prove it could have the strength to continue and a new all-time high would be expected. 

Disclaimers

Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.

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