Date: Sun, February 9, 2025 | 05:20 AM GMT
The cryptocurrency market is finally seeing some relief as major altcoins rebound from recent lows. After weeks of corrections triggered by the Deepseek launch and tariff policies introduced by Donald Trump, which contributed to a bearish sentiment, many tokens are now showing signs of recovery.
Among them, AI-focused token Bittensor (TAO) and the oracle network Pyth Network (PYTH) are making notable comebacks. TAO has surged 14%, while PYTH is up 11%, both reclaiming key support levels after experiencing 30-day declines of over 16% and 41%, respectively.
Bittensor (TAO)
TAO’s daily chart highlights a falling wedge pattern that formed after a sharp rejection from the December 6 high of $744. The latest correction, saw TAO plummet to a low of $237, where it tested the lower trendline of the wedge.
However, TAO has rebounded to $367, indicating bullish momentum. The MACD is showing a bullish crossover, signaling increasing buying pressure.
If the price sustains this momentum and successfully breaks above its 25-day Simple Moving Average (SMA), it could trigger a retest of the wedge’s upper resistance near $405. A decisive breakout above this level would confirm a trend reversal and open doors for further gains.
Pyth Network (PYTH)
PYTH has also been trading within a falling wedge pattern since hitting a high of $0.55 on December 2. The latest leg of its downtrend forced the price to a critical support level of $0.1650.
Following this support test, PYTH has rebounded to $0.1960, showing signs of upside momentum. The MACD is turning positive, indicating a potential bullish shift.
If the price manages to break above its 15-day SMA, it could pave the way for a retest of the wedge’s upper resistance at around $0.24. A breakout from this structure would strengthen the case for a sustained recovery.
Is a Trend Reversal on the Horizon?
Both TAO and PYTH are demonstrating resilience at their respective support levels, hinting at the possibility of a trend reversal. However, their next moves will largely depend on the broader market, particularly Ethereum (ETH), which is currently trading at $2,660. If ETH continues its recovery, it could provide additional momentum for altcoins, helping TAO and PYTH break out of their wedge patterns and confirm a bullish shift.
For now, traders should watch for key resistance levels and volume confirmation to gauge whether this recovery has the strength to turn into a full-fledged trend reversal.
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