The cryptocurrency market continues its consolidation phase, with Ethereum (ETH) showing signs of decline. This situation also affects other altcoins such as Bittensor (TAO).
Current Market Situation
The cryptocurrency market is showing volatility, with Ethereum (ETH) currently trading around $4,280 after a decline of over 13% from its recent high of $4,954. This weakness is impacting altcoins, including Bittensor (TAO), which is also trading in the red.
Gartley Pattern Analysis
On the daily chart, TAO appears to be forming a bullish Gartley pattern. The recent price decline has pushed it closer to the final leg (CD), nearing the Potential Reversal Zone (PRZ). This zone is located around the 0.786 Fibonacci retracement of the XA leg, often serving as a solid base for bullish reversals.
Growth Prospects for Bittensor
If TAO confirms a bounce at the $237.5 PRZ, it could lead to further growth with key resistance levels. The first resistance is around $366.7, while a potential full extension may reach $488.8 if bullish momentum persists. However, if TAO manages to reclaim $377.7 before revisiting the PRZ, it could invalidate the Gartley setup and indicate earlier bullish continuation.
Therefore, Bittensor (TAO) shows interesting potential for growth if it can establish itself in the PRZ. However, the current state of the cryptocurrency market remains unstable.
