Can Bulls Target the Next Major High?

• Bittensor has climbed 9%, reaching $194.  
• TAO’s trading volume has soared by 41%.

The crypto market is attempting a rebound, but a proper move toward the green zone seems hard. The digital assets are delivering mixed sentiment, with the price action hard to find a way. Among the altcoins, Bittensor (TAO) has steadily climbed by over 9.91% in the last 24 hours. 

The opening price for the asset was noted at a low of $173.99. After the bulls initiated a move on the upside, the TAO price climbed to a high of $198.98. Notably, a few crucial resistances have been tested to confirm the uptrend. If the bulls stayed for longer, the price would see more gains. 

According to the CoinMarketCap data, at the time of writing, Bittensor traded at around the $194.57 zone, with its market cap staying at $2.09 billion. Furthermore, the daily trading volume of TAO has increased by over 41.16%, reaching the $216.03 million mark.

With a slight push on the upside, the Bittensor price would gain enough momentum to climb toward the resistance at $199.62. If the bullish pressure continues, a golden cross might take place and push the price above $204.75. As the downtrend emerges, there will be a drop in value, and the Bittensor price could immediately test the support at around $189.48. Assuming the bearish correction reinforces, the price may fall below the $184.21 mark.

What is the Next Move for Bittensor?

TAO’s Moving Average Convergence Divergence (MACD) line has crossed above the zero line, while the signal line is around 0.0, which hints that the bullish momentum is building. The short-term trend is stronger than the longer-term average. A stronger uptrend comes if the signal line also moves above 0.

Besides, the Chaikin Money Flow indicator of Bittensor is stationed at -0.02, showing a very slight selling pressure. The capital outflow is only marginally higher than the inflow, with the market remaining largely balanced. If CMF moves further into negative territory, the selling pressure could increase. 

The Bull Bear Power (BBP) reading of 21.0 indicates very strong bullish dominance. The buyers are steadily in control of the market, pushing the TAO price above its average. There is a possibility that short-term consolidation may occur. Also, Bittensor’s daily Relative Strength Index at 63.07 suggests moderate to strong bullish sentiment. There is a steady upward pressure in the market, and if RSI moves closer to the 70 level, the bullish momentum could strengthen further.

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