The cryptocurrency market is beginning to show signs of recovery. Ethereum (ETH) posted a 5% weekly gain, reaching $1,950—a positive shift after a choppy start to March. This improved sentiment is also affecting altcoins like Bittensor (TAO), which are starting to show signs of recovery.
Market Overview
Ethereum shows robust growth despite a rocky start to March. The price reached $1,950, giving hope for further improvements in the altcoin market. Bittensor (TAO) is also displaying signs of revival after a significant price drop over recent months.
Double Bottom Pattern for Bittensor
On the weekly chart, Bittensor has formed a classic double-bottom pattern after a sharp downtrend starting with a failed attempt to break the $743 resistance in December 2024. This led to a 70% price drop before reaching the $212 support level, marking the second bottom of the pattern. The current price has risen to $253, indicating a potential trend reversal.
Outlook and Final Thoughts
TAO's current technical setup looks promising for a potential bullish breakout. However, failure to hold the $212 support level could result in further downside. Traders should watch for a move above key resistance levels to confirm the trend reversal.
Despite market volatility, TAO shows potential for a bullish move. Holding the $212 support level is critical for confirming the double-bottom pattern.
