Date: Mon, February 24, 2025 | 11:35 AM GMT
In the cryptocurrency market, Bittensor (TAO) has continued to stand out as one of the leading AI tokens. Back in August 2024, TAO initiated a bullish rally before major altcoins followed suit in November 2024, positioning itself as a frontrunner in market trends.
Currently, while most altcoins are facing corrections, TAO has emerged as the fourth-highest gainer in the last 30 days, posting a 14% increase and currently trading at $425 with a market capitalization of $3.57 billion.
The price action suggests a similar and predictable pattern, hinting at a potential bullish move ahead.
Ascending Channel Setup
On the weekly chart, TAO is consolidating within an ascending channel, forming a repeating pattern where each time the price touches the bottom support (marked in black circles), it experiences a strong rebound. Historically, after testing this support, TAO has surged in a span of 9 weeks (63 days), with the last breakout leading to an explosive over 300% rally.
Currently, TAO has bounced off the bottom of the channel which brings it’s price to current level of $425 and is testing the 25-Day moving average (MA). This is similar to the previous pre-breakout structure, where a successful reclaim of the 25 MA (marked in red circles) confirmed a continuation of the uptrend.
If TAO successfully reclaims the 25 MA, it could confirm the bullish setup, with a potential price target of $850 in early April.
The MACD is currently showing signs of recovery, with the blue MACD line nearing a bullish crossover with the orange signal line. If this crossover completes, it could provide additional confirmation of upcoming momentum, aligning with the historical price action.
Final Thoughts
TAO is once again showing early signs of strength, mirroring its previous breakout cycle. If it successfully holds above the 25 MA, the probability of a bullish continuation increases, with a potential 85%+ upside toward $790. However, traders should keep an eye on macro market conditions and volume confirmations before making any trading decisions.
Disclaimer: This article is for informational purposes only and not financial advice. Always conduct your own research before investing in cryptocurrencies.
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