As Bittensor (TAO) Eyes $340, Will the Triangle Breakout Propel It Above $400?

Bittensor Price Chart

Currently, the token is showing signs of a double-bottom reversal from the $219 level, potentially signaling the start of a new bullish cycle aimed at challenging the overhead trendline, which has already resisted four breakout attempts.

Despite these efforts, the resistance trendline remains intact, continuing to confine the price action within the triangle. As of now, the TAO token is trading at $322, following a bullish engulfing candle from last night that resulted in a 12.37% surge. Todays intraday candle has formed a Doji, indicating indecision near the overhead resistance.

As the Bittensor tokens sideways trend continues, the upper and lower Bollinger Bands are converging, signaling that the altcoin may be approaching a breaking point.

The MACD indicator shows a bullish alignment, with the MACD and signal lines supporting each other, accompanied by an increase in histograms.

According to Fibonacci levels, the overhead trendline coincides with the 23.60% retracement at $340. A bullish breakout could target the 38.20% and 50% levels at $415 and $475, respectively.

On the downside, the 20-day EMA of the Bollinger Bands at $279 and the $219 support level are key areas of demand.