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<p>Market analysis lately suggests <a href="https://captainaltcoin.com/expert-says-bittensor-tao-may-be-the-third-great-coin-alongside-bitcoin-and-ethereum/" target="_blank" rel="noopener noreferrer nofollow">Bittensor (TAO)</a> may face a price correction despite its 300% gain. Crypto experts Roman and Nebraskangooner have shared insights on TAO’s technical indicators and price patterns, pointing to potential short-term volatility.&nbsp;</p>
<p>However, they also highlight factors that could support TAO’s long-term prospects.</p>
<h2 class="wp-block-heading" id="strong-technical-indicators-signal-possible-correction-strong"><strong>Technical Indicators Signal Possible Correction</strong></h2>
<p>Roman observes bearish divergence between TAO’s price and its Relative Strength Index (RSI) on the daily chart. This technical pattern often precedes price corrections in financial markets.&nbsp;</p>
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   <p lang="en" dir="ltr"><a href="https://twitter.com/search?q=%24TAO&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$TAO</a> 1D<br><br>With the below said, we're likely to see some correction as there is bearish divergence between price &amp; RSI.<br><br>Not to mention I expect <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$BTC</a> to see some correction as well.<br><br>Don't be afraid of some correction, <a href="https://twitter.com/search?q=%24TAO&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$TAO</a> is up 300%.<a href="https://twitter.com/hashtag/bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#bitcoin</a> <a href="https://twitter.com/hashtag/cryptocurrency?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#cryptocurrency</a> <a href="https://twitter.com/hashtag/cryptonews?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#cryptonews</a> <a href="https://t.co/q9FQiarSen" target="_blank" rel="noopener noreferrer nofollow">https://t.co/q9FQiarSen</a> <a href="https://t.co/7jhb0iM85N" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/7jhb0iM85N</a></p>— Roman (@Roman_Trading) <a href="https://twitter.com/Roman_Trading/status/1843852208674427236?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">October 9, 2024</a>
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<p>Roman notes that Bitcoin’s expected correction could further influence TAO’s price movement. <em>“With the below said, we’re likely to see some correction as there is bearish divergence between price &amp; RSI,</em>” Roman states.&nbsp;</p>
<p>He adds, “<em>Not to mention I expect $BTC to see some correction as well.”</em></p>
<h2 class="wp-block-heading" id="strong-price-action-forms-critical-pattern-strong"><strong>Price Action Forms Critical Pattern</strong></h2>
<p>Nebraskangooner (@Nebraskangooner) <a href="https://x.com/Nebraskangooner/status/1843746179374526803" target="_blank" rel="noopener noreferrer nofollow">identifies a wedge formation</a> in TAO’s price chart at a key resistance level. While not inherently bearish, this pattern suggests a substantial price move may be imminent.</p>
<p><em>“Price forming a wedge here at key resistance. Not necessarily a bearish event but a notable pattern,”</em> Nebraskangooner explains.&nbsp;</p>
<p>He projects potential price targets based on the wedge’s resolution: “<em>Breakout likely sends it above $700 and a breakdown likely back to low $500’s.”</em></p>
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<p><strong><em>Read also: </em></strong><a href="https://captainaltcoin.com/solana-price-primed-for-a-rally-can-sol-smash-through-152-and-soar/" target="_blank" rel="noopener noreferrer nofollow"><strong><em>Solana Price Primed for a Rally—Can SOL Smash Through $152 and Soar?</em></strong></a></p>
<h2 class="wp-block-heading" id="strong-current-market-performance-strong"><strong>Current Market Performance</strong></h2>
<p>As of the latest data from CoinGecko, <a href="https://www.coingecko.com/en/coins/bittensor" target="_blank" rel="noopener noreferrer nofollow">TAO trades at $602.42,</a> experiencing a 3.89% decline over the past 24 hours. However, the token maintains a 9.59% increase over the last week, with a 24-hour trading volume of $238,341,488.</p>
<p>These market dynamics reflect the volatile nature of crypto trading, where short-term price shifts are common. While the analysts’ predictions suggest caution, they also emphasize TAO’s substantial recent gains as context for any potential pullback.</p>
<p>Roman reminds investors, <em>“Don’t be afraid of some correction, $TAO is up 300%</em>.” This perspective encourages a broader view of TAO’s performance beyond immediate price movements.</p>
<p><em><strong>Follow us on&nbsp;<a href="https://x.com/CaptainAltcoin_" target="_blank" rel="noopener noreferrer nofollow">X (Twitter)</a>,&nbsp;<a href="https://coinmarketcap.com/community/profile/CaptainAltcoin/" target="_blank" rel="noopener noreferrer nofollow">CoinMarketCap&nbsp;</a>and&nbsp;<a href="https://www.binance.com/en/square/profile/captainaltcoin" target="_blank" rel="noopener noreferrer nofollow">Binance Square</a>&nbsp;for more daily crypto updates.<br>Get all our future calls by joining our&nbsp;<a href="https://t.me/captainaltcoincom" target="_blank" rel="noopener noreferrer nofollow">FREE Telegram group.</a></strong></em></p>
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<p>The post <a href="https://captainaltcoin.com/analysts-predict-bittensors-tao-potential-price-correction-but-heres-why-you-should-not-worry/" rel="noopener noreferrer nofollow">Analysts Predict Bittensor’s (TAO) Potential Price Correction, But Here’s Why You Should Not Worry</a> appeared first on <a href="https://captainaltcoin.com" rel="noopener noreferrer nofollow">CaptainAltcoin</a>.</p>

Analysts Predict Bittensor’s (TAO) Potential Price Correction, But Here’s Why You Should Not Worry

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