Bittensor

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Reversal

<p>Recent technical analysis suggests <a href="https://captainaltcoin.com/analysts-predict-bittensors-tao-potential-price-correction-but-heres-why-you-should-not-worry/" target="_blank" rel="noopener noreferrer nofollow">Bittensor’s TAO token</a> may face a bearish correction after its rally lately. Trader and analyst Alan Santana shared charts on TradingView indicating potential downward pressure on TAO/USDT.&nbsp;</p>
<p>The analysis points to several bearish signals, including a rising wedge pattern and weakening momentum indicators.</p>
<h2 class="wp-block-heading" id="strong-tao-indicators-signal-potential-reversal-strong"><strong>TAO Indicators Signal Potential Reversal</strong></h2>
<p><a href="https://www.tradingview.com/chart/TAOUSDT/pdm6sh1X-bittensor-TAO-Bearish-Or-Bullish-EMAs-MACD/" target="_blank" rel="noopener noreferrer nofollow">Alan Santana’s analysis</a> of the TAO chart reveals a rising wedge pattern, often considered a bearish reversal signal. The token reached a high on October 7th but has since shown signs of weakness. Several red candles and increasing bearish volume suggest selling pressure is mounting.</p>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="376" src="https://captainaltcoin.com/wp-content/uploads/2024/10/A-1024x376.png" alt="" class="wp-image-568299" srcset="https://captainaltcoin.com/wp-content/uploads/2024/10/A-1024x376.png 1024w, https://captainaltcoin.com/wp-content/uploads/2024/10/A-300x110.png 300w, https://captainaltcoin.com/wp-content/uploads/2024/10/A-767x282.png 767w, https://captainaltcoin.com/wp-content/uploads/2024/10/A-1536x564.png 1536w, https://captainaltcoin.com/wp-content/uploads/2024/10/A-2048x753.png 2048w, https://captainaltcoin.com/wp-content/uploads/2024/10/A-408x150.png 408w, https://captainaltcoin.com/wp-content/uploads/2024/10/A-100x37.png 100w, https://captainaltcoin.com/wp-content/uploads/2024/10/A-952x350.png 952w, https://captainaltcoin.com/wp-content/uploads/2024/10/A-788x289.png 788w, https://captainaltcoin.com/wp-content/uploads/2024/10/A.png 1347w" sizes="(max-width: 1024px) 100vw, 1024px">
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  Source: <a href="https://www.tradingview.com/chart/TAOUSDT/pdm6sh1X-bittensor-TAO-Bearish-Or-Bullish-EMAs-MACD/" target="_blank" rel="noopener noreferrer nofollow">Alan Santana</a>
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<p>The price has closed below both the 8 and 13-period Exponential Moving Averages, indicating a possible shift towards bearish momentum. This breakdown below key support levels could signal further <a href="https://beincrypto.com/bittensor-tao-price-may-tumble/" target="_blank" rel="noopener noreferrer nofollow">downside potential for TAO</a>.</p>
<p>Santana also noted the RSI is trending downward, while the MACD appears weak. These indicators provide additional evidence of waning bullish momentum in the market.</p>
<h2 class="wp-block-heading" id="strong-fibonacci-levels-offer-potential-support-strong"><strong>Fibonacci Levels Offer Potential Support</strong></h2>
<p>The analyst identified key Fibonacci retracement levels that could serve as support zones for TAO. The 0.618 retracement level sits around $338.4, while the 0.786 level is near $262.1. These areas may provide temporary stability for the price if a correction unfolds.</p>
<p>Santana’s chart indicates a possible price target around the $338 area, corresponding to the 0.618 Fibonacci level. However, he suggests there’s potential for the <a href="https://coinmarketcap.com/currencies/bittensor/" target="_blank" rel="noopener noreferrer nofollow">TAO price</a> to extend its decline to the 0.786 level near $262 if selling pressure persists.</p>
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<p><strong><em>Read also: </em></strong><a href="https://captainaltcoin.com/dogecoin-doge-and-bonk-memecoin-prices-are-pumping-heres-why/" target="_blank" rel="noopener noreferrer nofollow"><strong><em>Dogecoin (DOGE) and BONK Memecoin Prices Are Pumping: Here’s Why</em></strong></a></p>
<h2 class="wp-block-heading" id="strong-macd-analysis-confirms-bearish-outlook-strong"><strong>MACD Analysis Confirms Bearish Outlook</strong></h2>
<p>A separate chart focusing on the MACD indicator reinforces the bearish sentiment. Originally peaking in late September, the MACD has since generated a bearish crossover. Usually indicating a trend reversal, this indication strengthens the case for more price reduction.</p>
<p>Declining MACD histograms further confirm the declining upward momentum. This technical arrangement gives the bearish view for TAO more weight in combination with the bearish crossover between the MACD line and the signal line.</p>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="585" src="https://captainaltcoin.com/wp-content/uploads/2024/10/aa-1024x585.png" alt="" class="wp-image-568307" srcset="https://captainaltcoin.com/wp-content/uploads/2024/10/aa-1024x585.png 1024w, https://captainaltcoin.com/wp-content/uploads/2024/10/aa-300x171.png 300w, https://captainaltcoin.com/wp-content/uploads/2024/10/aa-767x438.png 767w, https://captainaltcoin.com/wp-content/uploads/2024/10/aa-1536x877.png 1536w, https://captainaltcoin.com/wp-content/uploads/2024/10/aa-2048x1170.png 2048w, https://captainaltcoin.com/wp-content/uploads/2024/10/aa-263x150.png 263w, https://captainaltcoin.com/wp-content/uploads/2024/10/aa-100x57.png 100w, https://captainaltcoin.com/wp-content/uploads/2024/10/aa-613x350.png 613w, https://captainaltcoin.com/wp-content/uploads/2024/10/aa-788x450.png 788w, https://captainaltcoin.com/wp-content/uploads/2024/10/aa.png 1600w" sizes="(max-width: 1024px) 100vw, 1024px">
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<p>While the analysis suggests a potential correction, it’s important to note that TAO has seen substantial growth since early August, with gains exceeding 300%. Given this rally, a short-term pullback wouldn’t be surprising and could be viewed as a healthy consolidation phase for the token.</p>
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<p>The post <a href="https://captainaltcoin.com/where-is-the-bittensor-tao-price-headed-next/" rel="noopener noreferrer nofollow">Where is the Bittensor (TAO) Price Headed Next?</a> appeared first on <a href="https://captainaltcoin.com" rel="noopener noreferrer nofollow">CaptainAltcoin</a>.</p>

Where is the Bittensor (TAO) Price Headed Next?

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