Bittensor (TAO) has recorded a notable increase in price, rising 14% over the past week and 8% in the last 24 hours. The current price sits at $348, supported by a sharp rise in trading activity. Weekly volume is up 108%, while monthly trading volume has increased by 466%, suggesting renewed interest from investors.
Short-term indicators show increased momentum but also suggest the possibility of an overextended move. The RSI(14) currently stands at 59, while the RSI(7) is higher at 71. This places short-term RSI in the overbought zone, which may point to cooling ahead if buying pressure slows. However, assets can remain in this range during periods of sustained bullish sentiment.
The price is also near the upper Bollinger Band, currently around $358. This level often means increased volatility, and price movement near this band can precede either a continuation or a reversal, depending on broader market behavior.
From a Fibonacci retracement perspective, the 61.8% level appears at $355. This is considered a significant technical area, often observed by traders as potential resistance. A move above this level and a successful retest could suggest continuation, while rejection could lead to consolidation or retracement.
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What to Watch From Here
Bittensor’s current trend shows short-term strength backed by increased volume and ecosystem news. At the same time, multiple technical indicators are approaching levels that historically have signaled local tops or temporary pauses.
If TAO pushes above $355 and holds, this rally could continue. But if it stalls around this level or slips below $340, we could see a short-term retrace or sideways move. In both cases, it’s worth remembering that technical analysis doesn’t predict the future, and cannot take into account unexpected news and sentiment changes.
