Bittensor (TAO) Price Structure Overview

Jul 19

From January 8th, 2024, to March 7th, 2024, the TAO jumped more than 290%, where the price accelerated massively from $193 to $755.86. However, the price encountered a supply zone and failed to harness further gains on the daily chart.
The deterioration from the supply, after failing to surpass $756 took the price into bear's control, where nonstop lower low formation took back to the initial demand zone in the next 4 months by July 5th.
However, the price once again surged with the broader market bullish sentiment and rose more than 65% in the past two weeks, and nearly 38% growth in the past 1 week.
As of writing, the price managed to break the upper border of the channel, and it seems like a bullish pattern, precisely the falling wedge's breakout. Therefore, if the breakout continues, then the upper targets lie around $370, and $430, respectively.
On the contrary, if the price declines and trades back into the pattern, then this pattern would lose its significance, and a bearish perspective or sideways perspective could prevail. But, if the price slips to $260, then the first support would be the demand zone at $200, and the second support would be at $135.
Looking at its indicators, they are bullish, as MACD showed a bullish cross with a growing histogram at 13.75, and RSI jumped from 14-SMA towards overbought, which flashed at 63.12.