long-term bullish patterns have been identified on the daily

4 days agoIs TAO Aiming for the Moon?

Bittensor (TAO) has seen a significant inflow in spot volume, reaching $86.01 million, a 38% increase. Its market cap has also risen by 12% to $2.313 billion, making it the 36th largest cryptocurrency globally.

TAO has delivered exceptional returns to investors, soaring over 1600% and peaking at $755.02 between the last quarter of 2023 and the first quarter of 2024.
However, beyond this peak, it entered a supply zone, leading to a retracement of over 70% by the second quarter of 2024. This resulted in a significant profit-taking phase, with the price returning to its initial demand level by July 5th.
In the third quarter, TAO's price saw several brief increases but faced resistance at $358.58, causing another decline. The price mostly ranged between $200 and $358 during this period.
On August 5th, a liquidity-driven spike led to a breakout from the upper boundary of a falling wedge, but the $358.58 level deflected the price again by August 27th.
The demand area on September 6th pushed TAO's price once more to retest the $358 level. If it clears and sustains above this level, a clear Change of Character could be observed, indicating long-term bullish confidence.

Two long-term bullish patterns have been identified on the daily chart: a falling wedge and an inverted head and shoulders pattern. However, $358.58 remains a critical resistance level for confirming these bullish patterns.

Many analysts and enthusiasts are optimistic about TAO's future. One analyst, @CaptainFaibik, has set a target of $1000 by the end of 2024.
Potential resistance levels to watch are around $460 and $560. However, if the $358.58 level deflects the price downward, these bullish patterns could be invalidated.