Amid the sea of red candlesticks, Bittensor (TAO) stood out by bucking the trend, bouncing back and forming a bullish engulfing pattern.
The strength shown during a correction is impressive, aided by the breakout from the main diagonal resistance level.
If the broader market recovers, TAO could be among the first altcoins to push toward new highs.
TAO Price Breaks Out
Bittensor’s price has fallen significantly since its high of $744 in December 2024.
The downward movement led to a low of $167 in April, after which the price reversed its trend.
While TAO increased significantly during this time, it failed to break out from the $450 resistance area and a diagonal resistance trend line.
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Bittensor’s price formed a bullish engulfing candlestick (green icon), preventing a breakdown from the $300 horizontal area, despite the wick low reaching $245.
Today, Bittensor broke out from the 308-day resistance area and is currently moving toward the $450 horizontal resistance.
A breakout above this level will be the final confirmation that TAO has begun a bullish trend reversal and will move to new highs.
If that happens, the closest resistance level will be $700.
The first target for wave C’s top is $568, while the second is $765.
If the targets get hit, wave C will have the same length as wave A or be 1.61 times as long.
Once the TAO price confirms the breakout from the parallel channel, it will validate the rally’s impulsive nature and move toward the projected targets.
Bullish Trend Ahead
The weekly and daily technical analysis suggest that the TAO trend is bullish.
If the wave count and price action play out as expected, TAO will surge to at least $570 and possibly hit $765.
The upward movement could accelerate once Bittensor clears $450.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Valdrin Tahiri is a cryptocurrency analyst and reporter at CCN, specializing in technical analysis with a focus on Elliott Wave theory, on-chain metrics, and fundamental research. He brings over seven years of experience in the crypto space as both a trader and writer.
He discovered cryptocurrencies in 2017 while earning his MSc in Financial Markets at the Barcelona School of Economics, which sparked a deep interest in blockchain and market dynamics. Since then, he’s contributed to top crypto outlets like BeInCrypto and CoinGape.
Valdrin also served as Community Manager of BeInCrypto’s Telegram group for three years, helping grow it into one of the largest crypto communities worldwide. His expertise in market structure and price patterns allows him to break down complex trends into clear, actionable insights.
He’s published thousands of articles covering altcoins, Bitcoin cycles, and macro trends.
