Bittensor (TAO) Price Surges After Coinbase Listing — New Highs Likely

Key Takeaways

• Bittensor’s (TAO) price broke out from a parallel channel.
• TAO bounced at the long-term horizontal support of $355.
• Has TAO started a new upward movement toward new highs?

The TAO price reached its all-time high of $782 in April 2024. A sharp correction followed, leading to a slightly lower high in December. Another decline followed afterward, spilling over into 2025.

The decline culminated with a low of $237.97 on Feb. 3. TAO has shown impressive strength by recovering and breaking out, partly fueled by its Coinbase listing.

Now, the price trades at a critical horizontal resistance area, a breakout above, which can accelerate the rate of increase.

Let’s examine the charts and see if TAO can push higher and where it could go next.

TAO Price Recovery

The weekly time frame chart shows that TAO has recovered admirably since its Feb. 3 low of $237.65. The low caused a breakdown from the long-term horizontal support of $355 but the price created a long lower wick and reclaimed it, even pulling off a positive weekly close.

This week, the TAO price is creating a bullish engulfing candlestick, completely negating the losses from the week prior. The two main resistance areas are the middle of the range at $530 and the range high of $700.

Despite the strong bounce, technical indicators have not turned bullish yet. The Relative Strength Index (RSI) and Moving Average Convergence/Divergence (MACD) give neutral readings.

The RSI has reached 50 from below, while the MACD is at 0. The indicators have to clear these levels to confirm their bullish trend reversals.

Nevertheless, the trend leans bullish if the price does not close below the $355 horizontal support area.

Can TAO Break Out?

The daily time frame chart gives a more decisively bullish outlook for the future trend. This is because the TAO price broke out yesterday from a descending parallel channel that had existed for 74 days.

The breakout occurred after Coinbase announced it would list TAO for trading, and it is a sign that the decline is over.

To confirm this reversal, TAO needs to reclaim the $450 horizontal resistance area, a critical level that previously provided support.

Nevertheless, the RSI and MACD are leaning bullish since the former crossed above 50 while the latter made a bullish cross and is nearly positive.

Finally, the wave count suggests the correction is over, and new highs will happen soon. The count shows a completed five-wave increase (green) and W-X-Y (red) correction afterward.

The channel perfectly contains the correction, and its breakout signifies it is over.

If the next upward movement has the same length as the previous one, TAO could reach a high of $824. This would be a new all-time high TAO price.

Conversely, falling back inside the parallel channel instead of validating it as support will put this positive count at risk, possibly leading to new lows.

Bullish Trend Reversal

The TAO price has shown positive signs, recovering since Feb. 3 and then breaking out from a long-term parallel channel pattern. TAO’s Coinbase listing helped the price push through its resistance.

The wave count gives a bullish TAO prediction, which will be confirmed with a close above $450. This could take the TAO price to a range of $700 and possibly $824.