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Analysis

Bittensor Poised to Break $250 and Beyond with Strong Support and Rising Confidence

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Key Insights:

  • Bittensor consolidates near $240 as strong support absorbs pressure and signals an active accumulation phase.
  • RSI rebounds from oversold levels while MACD turns bullish, pointing toward a possible short-term rally.
  • Price targets extend from $250 to $500, while $165 remains the key invalidation level to watch.
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Bittensor Poised to Break $250 and Beyond with Strong Support and Rising Confidence

Bittensor (TAO) has shown a promising recovery after a steep decline. As the price stabilizes near the lower parallel channel, the cryptocurrency is positioning itself for potential growth. Recent technical indicators suggest that the support level remains intact, offering confidence for an upward movement.

Support Holds Strong with Potential Price Breakout

The Bittensor market has experienced significant consolidation near the lower parallel channel border on the 3-day chart. According to Jonathan Carter, support at this level remains strong, absorbing market pressure. The price has recovered from a steep decline and is now holding steady around $240, showing signs that the market is in an accumulation phase.

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The toke can break past this resistance with higher price targets such as $250, $300, 370, 500 and even $670 may be within reach. Analysts are particularly focused on how the price will react to the $300 resistance. If the price breaks through this point, it could signal a strong upward trend.

The market is now closely watching for any movement that could push the price past $250. Many believe that a clear break above this level could send the price to higher targets, with $500 seen as a potential resistance point in the longer term.

Key Levels and Invalidation Point

However, the technical indicators suggest that the current support zone is crucial. The Relative Strength Index (RSI) recently bounced back from the oversold territory, now sitting at 44.10, indicating that Bittensor is ready for a potential upside.

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TAO Momentum for Potential Price Bullish | Source: TradingView

The MACD has also shifted to bullish momentum, signaling that the coin could soon experience a rally. If the price dips below the point level, the market could face a significant retracement. The ongoing market pressure seems to be absorbed well at the support level. 

As of the latest update, Bittensor is trading at $239.86, reflecting a 3.54% increase in the last 24 hours. Investors are advised to monitor the $250 resistance level closely, as breaking this threshold could mark the beginning of a more substantial rally.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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