Bittensor (TAO) is nearing a key resistance level, as highlighted by analyst Roman (@Roman_Trading) in his tweet.
Analyst Roman (@Roman_Trading) highlighted Bittensor (TAO) in his recent analysis, drawing attention to a crucial resistance level that could lead to a potential 5x to 7.5x rally.
Roman's analysis focuses on a key resistance zone for TAO, which has been tested multiple times in the past but has yet to see a clear breakout. This resistance level is around the $400 price point, as shown in the chart he shared.
Resistance is indicated by the red lines in the chart, and it's evident that TAO has faced multiple rejections at this level in the past. Breaking through this resistance is crucial for TAO to continue its upward momentum.
If TAO manages to break out from this resistance zone, Roman projects a sharp rally to follow, targeting the $2,000 – $3,000 range. This potential price surge would be a significant gain, aiming for levels not seen by TAO in a long time.
However, it's worth noting that until TAO can clear the $400 resistance, the token will likely continue to consolidate between its established support and resistance levels. If the breakout fails, the $250 support may come into play once again, providing a key level to watch for future price action.
Roman also highlights a lower support level for TAO around $250, which has acted as a floor during previous downward movements in the token's price. While the $250 level provides some consistency for TAO, the main focus remains on whether the token can break out from its present consolidation period.
Furthermore, the chart hints at a potential inverse head and shoulders pattern, which could indicate a bullish reversal. This pattern aligns with Roman's optimistic outlook on TAO, bolstering his expectation of a breakout from the current consolidation.
Volume around TAO has shown signs of gradual growth, which may be a signal of increasing market interest in the token. As TAO continues to consolidate, rising volume could be building momentum for the breakout that Roman anticipates.
Roman's projection is bullish, anticipating a substantial rally if TAO breaks through the $400 resistance, targeting $2,000 – $3,000. However, until TAO can clear this resistance, it is likely to continue consolidating within the established support and resistance levels.
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