The post Bittensor (TAO) Price Display Strength—Can it Withstand Rising Selling Pressure? appeared first on Coinpedia Fintech News
The crypto markets tumble down as the prices of the majority of them have been facing massive bearish action. While Bitcoin dropped below $99,000, some of the altcoins displayed massive strength. The bulls are backing the Bittensor (TAO) price, which is gearing up for a massive upswing. The question arises as to whether these altcoins could revamp a strong bullish rise within the markets.
Bittensor (TAO) Price Gearing Up for a 20% Upswing
Bittensor price gained immense attention when the oken underwent a parabolic recovery, marking the highs close to $750. Meanwhile, the bears halted the bullish action and intensified their action. As a result, the price has dropped heavily by more than 50%, marking the interim bottoms below $400. However, the TAO price has attracted a huge number of buyers, and as a result, a continued ascending trend could be incoming.
The TAO price is trading within a falling wedge, which is considered one of the bullish patterns. The bulls are trying hard to breach through the resistance, which coincides with the 50-day MA. Besides, the volume has also surged significantly, which has caused the MACD to undergo a bullish crossover. However, the RSI remains under bearish divergence as it constantly forms lower highs and lows, which may raise some concern over the rally.
Until the crypto remains within the pattern, the TAO price remains under bullish influence, carrying a possibility of a breakout above $500 shortly. However, the bears are expected to become vigilant once the price surpasses these levels and intensify their action as it approaches the pivotal resistance at around $525. Meanwhile, if the price fails to breach above the wedge, a drop to the support below $400 could be imminent.
