Key Takeaways
- Since the start of April, TAO’s price has surged from $255 to nearly $400, signaling a strong uptrend.
- The price rally followed a bullish pennant breakout in April, propelling TAO into higher highs and lows.
- TAO formed a golden cross on the daily chart, a classic bullish signal suggesting potential price surges.
Bittensor (TAO) has firmly cemented itself as one of the standout performers in the crypto space this month. Since the start of April, TAO’s price has surged from $255 to nearly $400, marking a remarkable rise.
This upward momentum aligns with CCN’s earlier analysis, which suggested that TAO had the potential to continue its bullish run.
While many altcoins have recently exhibited similar price increases, TAO is setting itself apart by refusing to relinquish its gains.
TAO Continues Ascending
TAO’s price rally began after the altcoin broke out of a bullish pennant formed between February and April 7.
A bullish pennant resembles a small symmetrical triangle formed by converging trendlines after a strong upward move and downtrend.
Once the price breaks out of the top, it tends to resume the bullish trend. This was the case with TAO, as the breakout led to higher lows and highs for the cryptocurrency.
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As of this writing, TAO trades within an ascending channel, aiming to break the resistance near $400. A critical look at the daily chart shows that TAO’s price will likely move above this threshold quickly.
One indicator that supports this forecast is the Chaikin Money Flow (CMF). The CMF measures the accumulation or distribution of an asset over a specific period (usually 21 days).
It combines price action and volume to assess the market’s buying or selling pressure. A reading below zero indicates dominant selling pressure.
However, on the TAO/USD daily chart, the CMF has risen to 0.18, indicating rising buying pressure. Should this trend continue, TAO’s price might trade higher in the short term.
TAO Price Analysis: Golden Cross Support More Upside
Zooming into the same daily chart, we observed that TAO has formed a golden cross. A golden cross forms when a shorter-period Exponential Moving Average (EMA) rises above the longer one, and is usually bullish.
The 20 EMA (blue) has climbed above the 50 EMA (yellow), indicating a bullish trend. The last time a similar thing happened, TAO’s price went from $290 to $680 within a month.
Therefore, if history rhymes with the current price action, the market value could rise and breach the $458.10 resistance within a few weeks. If that happens, the altcoin’s next move could be to $526.55 near the 0.382 Fibonacci level.
On the flip side, if the cryptocurrency fails to rise above the 0.618 golden ratio, this forecast might not pass. In that scenario, TAO’s price could decline below $300.
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.
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