Cryptocurrency Bittensor (TAO) is gaining attention among traders and analysts due to signs of potential price growth. Recent analysis shows TAO bounced off a key support zone, possibly leading to an increase in value.
Key Level Analysis
Analyst ZERO IKA noted that TAO's price bounced from a critical 10-hour block near $434. This level served as a robust demand zone, supported by the 1.272 Fibonacci retracement and broader market indicators such as TOTAL 2 and the 'OTHERS' market cap. This price action provided an opportunity for accumulation.
Resistance Levels and Partial Profit Zones
The analysis highlights $522 as a critical daily close level that could confirm bullish momentum. If the price closes above this level, it may provide opportunities for traders to take new long positions during pullbacks. Partial profit levels are set at $572, where a daily supply zone aligns with the 50% Fibonacci retracement.
Outlook for Higher Levels
Between $596 and $700, the analysis suggests a lack of significant resistance, except for minor lower time frame order blocks. Long-term targets for TAO are set at $879 and $1,000, aligning with the 1.454 and 1.618 Fibonacci retracements.
The presented analysis highlights potential opportunities for traders while urging caution. Analysts warn against over-optimism given the possibility of becoming 'exit liquidity' for larger market participants.