Bittensor’s token, TAO, is regaining market attention as accumulation trends increase. TAO's 24-hour trading volume has surpassed $212 million, indicating heightened participant engagement. The current price of $295.73 reflects a 4.46% increase over the past day, suggesting that dip buyers are actively participating near support levels, with many observers anticipating a breakout signal.
Bullish Setup for TAO Amid Growing Accumulation
Analyst Captain Faibik has projected a potential bullish breakout for TAO, anticipating a significant trendline move in the near future with a target of $400. According to Faibik, TAO is approaching a critical technical inflection point. A confirmed breakout above the current descending channel could signal a transition from a corrective market phase to a bullish structure. The zone between $300 and $305 is identified as the next major resistance level. Until a breakout is definitively confirmed, the lower boundary of the channel will serve as the primary support.
TAO Rebounds from Channel Support
TAO has repeatedly traded within a descending channel pattern. Price movements have largely remained confined within this range, with each rebound from the lower boundary being followed by rapid pullbacks. This pattern has maintained an overall corrective market structure, despite intermittent rallies. Recent price action indicates a potential shift. TAO has shown strength in its bounce from the channel's lower support and has successfully reclaimed the 9-day exponential moving average (EMA). This development suggests an improvement in short-term momentum as the token moves towards higher resistance levels within the channel.
Push Toward Mid-Channel Levels
With TAO maintaining its position above the 9EMA, attention is now directed towards the midline of the descending channel. This level often acts as a temporary resistance point during corrective phases. A sustained upward movement beyond the midline would pave the way for a push towards the channel's upper boundary. Alpha Crypto Signal observed that "TAO continues to trade inside a well-defined descending channel… but the most recent move shows TAO pushing off the lower boundary with improving short-term momentum." A sustained price close above the midline would be a strong indicator of further upward movement, potentially targeting the $300 to $305 price range.