- Bittensor (TAO) has surged 30% after breaking out of a bullish pennant, clearing key resistance levels and signaling further upside potential.
- With positive indicators like the MACD and Awesome Oscillator, TAO could climb to $400 if momentum continues, though a drop in volume could reverse the gains.
Bittensor (TAO) has entered a new phase of bullish momentum, stunning the crypto market with a 30% surge in just one week. After slipping below $200 earlier this month, TAO has rocketed to $321.60 — its highest level since March 3 — and is now positioned as the second-best performer among the top 100 cryptocurrencies.
Bullish Pennant Breakout Signals a Fresh Uptrend
The recent rally wasn’t random. TAO had been consolidating in a bullish pennant formation, a pattern that typically appears after a sharp upward move followed by a brief pause. This consolidation period saw converging trendlines, hinting at a breakout — and TAO delivered. A bullish engulfing candlestick and rising trading volume confirmed the breakout, pushing TAO above the crucial $200 resistance.
Now, the price has also cleared the $295.94 mark, solidifying the end of the correction that took TAO from $468 to $180 between February 21 and April 8.
Indicators Point to More Gains
Technical indicators are painting an optimistic picture. The Moving Average Convergence Divergence (MACD) has flipped to the positive region, signaling strengthening bullish momentum. Meanwhile, the Awesome Oscillator (AO) has formed a bullish twin peak — a classic signal that a price reversal is underway and gaining steam.
Adding more fuel to the fire, the Supertrend indicator now shows a green line beneath TAO’s current price, reinforcing the bullish outlook.
$400 in Sight — Can TAO Maintain Momentum?
With TAO firmly above resistance and momentum indicators aligned, traders are watching closely to see if it can reach the next major Fibonacci level at $392.59 — the 0.618 golden ratio. Should bullish pressure hold, the token could break beyond $400 and aim for a retest of its previous high near $460.
However, this scenario hinges on sustained volume. A dip in interest or buying power could reverse the trend, potentially dragging TAO back toward $172.81 if it falls below the pennant’s lower boundary.
For now, the charts speak loud and clear — Bittensor is back in bullish territory, and $400 is closer than ever.
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