Bittensor's digital token, TAO, lingers within a specific price range; market participants focus on a potential increase to $740.
Bittensor (TAO) Reclaims Key Fibonacci Level, Signaling Potential Bullish Breakout
Bittensor's token, TAO, has made a significant move in the cryptocurrency market. After a period of decline, TAO has reclaimed the crucial Fibonacci level of $421, a positive technical signal that suggests potential bullish momentum.
Currently, TAO is trading above this support level, forming a higher low pattern with a key resistance zone around $434 to $440. This setup points to cautious optimism with the possibility of a breakout towards the $740 range high, but analysts warn that sustained bullish momentum is necessary to confirm this move.
The current price of Bittensor stands at around $407, following a 4.9% 24-hour pullback. TAO has been moving within a broad horizontal channel since early 2023, with support near $190 and resistance around $740. Any rejection between $520 and $740 could delay the upside thesis.
Traders are now watching for sustained movement above $420 to set the stage for a larger push in the price of Bittensor. A close above $520 could bring bulls back in with renewed confidence.
Looking at the short-term outlook, TAO is expected to average around $339 with a potential high around $443 if resistance breaks in July 2025. However, some models suggest a possible dip to around $321 in the next few days before regaining strength, indicating short-term volatility.
For the year 2025, predictions vary but are generally bullish. Prices might range between approximately $158 and $606 on average, with some forecasts aiming as high as $740 to $940 by the second half of 2025 or beyond, reflecting optimistic medium-term targets.
Key support levels to watch are at approximately $402.25, $387.51, and $370.57, which might provide downside protection if the price retraces. Resistance levels include the $433.93 to $465.61 range currently, which must be decisively overcome to maintain a bullish breakout trajectory toward higher price targets near $740 and beyond.
In summary, the reclaiming of the $421 Fibonacci level has set a foundational support from which TAO could attempt a bullish breakout, with immediate resistance near $434–$440. Breaking beyond this resistance could open the path toward the $740 range high forecast by some analysts. However, recent trading volume decline and near-term forecast dips suggest monitoring momentum and volume closely to confirm a sustained upward move.
Volume remains strong for TAO, with over $185 million traded in the last 24 hours. A macro double-bottom is forming in the TAO structure, often seen as a bullish continuation setup. Traders are watching for a weekly close above $520 to validate the upside narrative for TAO, indicating the potential end to the accumulation phase and a shift towards a bullish market structure.
These technical levels and price forecasts present a cautiously bullish outlook with volatility expected, so traders should watch key support and resistance points and the volume trends for confirmation.
Bitcoin's surge in the finance sector has drawn the National Stock Exchange's (NSE) attention, as they consider adding cryptocurrencies such as Bitcoin to their investing platform. Given TAO's current bullish momentum and technological advancements in digital currencies, it may pave the way for other cryptocurrencies to follow a similar path within the traditional stock market.
Analysts predict that a bullish breakout for TAO could lead to a ripple effect, potentially causing an upward trend for other digital coins like Bitcoin if they are listed and traded on major stock exchanges. This development could bridge the gap between the crypto world and the traditional stock market, offering more opportunities for investors seeking diversified portfolios.
