Crypto
Bittensor Price Soars 45%, But Can Rally Be Sustained?
The price of Bittensor (TAO) has surged by over 45% in the past day, reaching $231. The increase is attributed to the asset reacting off a key support level between $211.7 and $215.4 on the chart.
According to TradingView data, this level has acted as a catalyst for major rallies twice before, resulting in an average gain of 25.33%. If TAO repeats this pattern, it could potentially see further gains towards the $250-$270 region.
However, there are cautionary signs from indicator analysis. The Bull Bear Power and Money Flow Index (MFI) suggest that demand for TAO is not yet high enough to support a rally. A drop in MFI below 50 would confirm more selling in the market and potentially lead to a broader decline.