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What’s next for TAO after reaching a one-month peak?
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Summarize with AI
Summarize with AI
Bittensor (TAO) has pumped by double digits over the past seven days, with some analysts expecting this could be the beginning of a much more substantial surge.
At the same time, certain indicators suggest a short-term correction is also a plausible option.
Further Gains Ahead?
As of this writing, TAO trades at around $213 (per CoinGecko), making it the top daily performer among the biggest 100 cryptocurrencies after rising 9% over the period. Its market capitalization soared past the $2 billion psychological mark, thus flipping well-known altcoins such as OKB, ASTER, and others.
The renowned analyst Ali Martinez noted TAO’s strong performance, spotting the potential formation of an Adam & Eve pattern on its price chart. It consists of two bottoms: a sharp “Adam” dip and a rounded “Eve” plunge. The structure is generally considered bullish, as it suggests sellers have lost momentum and could be replaced by buyers. Martinez estimated that in this case, TAO’s price could soar to as high as $270.
X user GalaxyTrading is also quite optimistic. Recently, they described TAO as “the clearest 10x coin for the next altcoin run phase.” The analyst argued that the asset could emerge as a dominant figure in the crypto space thanks to the development of Artificial Intelligence.
ZAYK Charts chipped in, too. Earlier this week, they assumed that Bittensor’s native token was moving within a falling channel, predicting that a breakout above roughly $200 could open the door to a possible 100% increase to almost $400.
Moving South is Also an Option
Despite the prevailing optimism among traders and analysts, some technical indicators suggest TAO’s valuation could tumble in the near future.
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The asset’s Relative Strength Index (RSI), which measures the speed and magnitude of recent price changes, has risen above 70. This signals that the token is overbought and could be on the verge of a short-term pullback. The index runs from 0 to 100, and conversely, ratios below 30 are typically interpreted as buying opportunities.
TAO RSI, Source: RSI HunterThe next factor on the list is TAO’s exchange netflow. CoinGlass’s data show that over the past few days, inflows have exceeded outflows, indicating that investors have been shifting from self-custody to centralized platforms. This is often viewed as a pre-sale step.
TAO Exchange Netflow, Source: CoinGlassBinance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance (full details).
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Source: https://cryptopotato.com/bittensor-tao-jumps-12-weekly-chart-formation-signals-a-potential-explosive-rally-ahead/
