What Do TAO Crypto Technical Charts Represent?

The analyst SatoshiFlipper has been optimistic about the Bittensor (TAO) and hopes for nearly 2x gains to be captured ahead. One such analyst shared a chart on X, where he marked that contingent on buyers, the price could aim at $640 or higher.

Based on such enthusiasm, the TAO 1-D price chart also shows some positive points. For example, the price has surpassed 50 the 50-day EMA band and displayed sustenance to overrun the 200-day band.

On the chart of TAO, the breach of $358 would open the front door to run fast for the north. Likewise, the MACD histogram grew to 5.46, and the RSI to 55.46, which points towards a sideways to bullish shift.

After a further look at the chart, the TAO showed that the past action in price formed a 120-day correction as a falling wedge on the daily chart. Where the earlier price gains of 250%, from $200 to $746, were neutralized by bears by July 7th, 2024.

In the last 20 days, the TAO's price has been in a bullish spell, where the price has experienced more than 65% growth from historical key support. In the latest 10 days, it breached the falling wedge pattern, precisely a bullish pattern.

Moreover, if the price surges beyond the 200-day EMA band and $358, the nearest targets would be present at $436 and $531, respectively. However, if the TAO price slips back into the wedge, then the pattern would lose its bullish significance.

Likewise, the slippage below $300 could also throw the price towards $200 (DYOR).