Bittensor

Date: Wed, Nov 27, 2024, 02:47 AM GMTThe cryptocurrency market today witnessed a sharp reversal after yesterday’s correction, with Bitcoin (BTC) bouncing back near $95,000 from a low of $91,000. This recovery has sparked bullish momentum across altcoins, and AI token Bittensor (TAO) has emerged as a key gainer, rallying by over 10%. TAO is now trading at $584, boasting a market cap of $4.31 billion.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/a8a368bc5f404c6ab01699c967a355ff.png" />Source: Coinmarketcap<h3 id="eyeing-a-key-breakout">Eyeing A Key Breakout</h3>Bittensor (TAO) has been building strength after successfully breaking out of a descending channel pattern near the $538 level. This breakout suggests a potential trend reversal and has brought the token to the upper boundary of a symmetrical triangle pattern—a crucial inflection point.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/cdaa358523ca4662aaa89c8237995311.png" />1.Bullish Scenario:If TAO breaks out above the upper trendline of the triangle pattern, it could initiate a fresh rally, targeting the $621 resistance zone. A successful breach of this level could push the price toward the next major resistance at $678, marking a substantial upside.2.Bearish Scenario:In case TAO fails to confirm the breakout, immediate support lies at $537, which previously acted as a significant level during its descent.The RSI (Relative Strength Index) currently hovers near 67.27, indicating increasing bullish momentum while staying just below overbought territory. This further supports the possibility of an imminent breakout.<h3 id="what-s-ahead">What’s Ahead?</h3>The recent strong performances by major <a href="https://coinsprobe.com/near-protocol-near-gains-momentum-following-major-breakout-big-rally-ahead/" rel="noopener noreferrer nofollow">AI-tokens</a> such as RENDER, NEAR, and GRT, suggests a favorable environment for TAO to continue its rally. If Bittensor breaks out of its symmetrical triangle pattern, it is well-positioned to join the ongoing surge in AI token prices.Investors and traders should keep a close watch on the $621 resistance level, as a confirmed breakout here could pave the way for substantial upside movements.Disclaimer: This article is for informational purposes only and not financial advice. Always conduct your own research before investing in cryptocurrencies.Also Read: <a href="https://coinsprobe.com/cardano-ada-sees-significant-whale-inflows-during-recent-dip-more-gains-on-horizon/" rel="noopener noreferrer nofollow">Cardano (ADA) Sees Significant Whale Inflows During Recent Dip: More Gains On Horizon?</a>

Bittensor (TAO) Gains Momentum With Double-Digit Gains: Is A Breakout On Horizon?

Table of Contents

CoinsProbe

Other articles published on Nov 27, 2024

Bitcoin Eyes $200K with $2.28 Trillion Inflow: Report

Why BTC Took A U-Turn from $98k and landed at $ 92k? Reasons

BlackRock’s Tokenized Fund BUIDL Now Available on Aptos, Arbitrum, and More Blockchains

Is Trump About to Change Crypto Forever? The Bold Plan Unveiled

Will BTC Surge to $100K or Crash to $88K First? (Analysis)

The Bitcoin Adoption Race Among Corporation

Join our free newsletter for daily crypto updates!