Bittensor

AI Crypto

The post <a href="https://coinpedia.org/price-analysis/bittensor-tao-is-bullish-despite-ai-crypto-wave-traders-alert/" rel="noopener noreferrer nofollow">Bittensor TAO Is Bullish Despite AI Crypto Wave, Traders Alert</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a>
Despite the AI crypto marker surge Bittensor(TAO), the 4th largest AI coin by marketcap is struggling to rebound. TAO’s performance in a weekly chart is neutral but it is plummeted to 35.2% in a month frame.&nbsp;
TAO’s performance at the start of May was bullish with a 48% increase to a resistance of $487&nbsp; in just 6 days. But the bulls couldn’t holland long and the price dipped to $391, at the time of writing.&nbsp;
The price rallied down breaking all major support zones with high selling pressure, and now forming new support levels at $381.29 and $372. Also trading below 50 days and 200 SMA.&nbsp;
<figure class="wp-block-image"><img decoding="async" src="https://lh7-us.googleusercontent.com/bu0kbwxbzRFutBVABCZntBBeR2AzrXbCWmWf-Ao9bbI-RHCLkXXhnG66pBcWpzaodcqfK4npaNM4SbSkpoXh3A2VHl_2ShHMctr9OQflKtlzyqiVp8b24uXFnU76tvVf7ix07z55Z_A7EZjj0g5o0HM" alt="">
</figure>
The RSI reading at down the 50 midline level 37 shows increased selling pressure.&nbsp;
However, the TAO has now formed a sideway pattern, indicating a physical zone for neutrality. Bulls now demand for a potential breakout from the zone $382 to $402 is much required, any direction above or below this will continue the rally in the same direction.&nbsp;
Trade Setup: Enter in $382 to $402, without the $382 breakout for stop loss. Trend: Neutral but Long-term Bullish.
<h2 class="wp-block-heading" id="h-bittensor-tao-price-prediction">Bittensor (TAO) Price Prediction</h2>
The overall current technical indicator shows a neutral above-support momentum. Currently on a breakout with a downward channel followed by a sideways pattern.
The price trading below 50 days and 200 days SMA entranced a death cross moment, the price is motivated to push down from here and hold at new support.&nbsp;
Traders should wait for the selling pressure to end and watch the price near $372 to enter the positions.&nbsp;

Bittensor TAO Is Bullish Despite AI Crypto Wave, Traders Alert

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