Bittensor (TAO) is showing cautious upward momentum as it tests key support levels, signaling potential for a rebound. The token has recently bounced off a crucial support level, testing the resistance level at $214.
Currently, TAO is trading at $178.84, with a 24-hour trading volume of $225.19 million. The token has a market cap of $1.91 billion and a dominance of 0.08%. Over the last 24 hours, TAO has registered a gain of 1.61%, indicating that the token is displaying a cautious bullish trend.
Bittensor Rebounds From Key Support Level
Traders are closely watching TAO as the token displays a significant pullback, as indicated by crypto analyst Crypto TXG. Recently, TAO registered a small pullback below the $167.43 level but stayed well above the critical support level of $133. The token quickly bounced back to reclaim the $167.43 level, testing the resistance level at $214.
However, the token was rejected at this level, but analysts are expecting another test of this resistance level after the confirmation of support.
Analyzing the historical price movement, it is clear that the $167.43 level has been a strong support level in the long run. In the last three instances where TAO reached this zone, the token bounced back strongly after minor dips.
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TAO Breakout Opportunity to $214 Resistance Level
The Relative Strength Index indicator shows that TAO is reaching the oversold region, indicating that the token might attract buyers at its current support level. If the trend continues, the token might test the $214 resistance level, which could be a breakout opportunity to move further in the coming days.
Investors and market watchers will be keeping a close eye on TAO as it navigates this critical support and resistance range, with a possibility of a fresh move upwards if the breakout is successful.
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