The Bittensor price soared over 12% in the last 24 hours to trade at $330.82 as of 11:45 p.m. EST as investors initiate an accumulation drive for the altcoin.
With the recent gain, the TAO price has pushed its weekly performance deeper into the green. As a result, the altcoin is up more than 22% over the past 7 days.
The Bittensor Price Is Challenging A Major Resistance Level
4-hour chart for TAO/USDT (Source: TradingView )
The Bittensor price is attempting to overcome the resistance level at $337 after the altcoin printed a series of higher highs and higher lows on the 4-hour to form an ascending channel. Should the crypto break above the $337 threshold in the coming 24 hours, TAO could rise above the bullish channel and potentially soar to as high as $370 in the short term.
On the other hand, the Bittensor price getting rejected by the $337 resistance level could invalidate the bullish thesis. In this alternative scenario, the crypto might stand the risk of testing the immediate support at $295. A break below this technical safety net could then lead to TAO falling out of the ascending channel to the $255 mark.
Technicals Suggest The Bittensor Price Could Keep Rising
Technical indicators on TAO’s 4-hour chart suggest the Bittensor price might continue its climb in the coming 24 hours. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) are showing positive signs.
In the last 24 hours, the MACD line rebounded from the MACD Signal line to indicate that TAO has entered a new short-term bullish channel. What’s more, the MACD line is breaking away above the MACD Signal line. Traders might see this growing gap between the two lines as a sign of TAO’s positive momentum picking up steam.
Meanwhile, the RSI line also broke above its Simple Moving Average (SMA) line on the 4-hour chart in the past 24 hours to indicate that buyers have gained the upper hand against sellers. However, the RSI is now above 70, which might be seen as a sell sign by some traders because it suggests that TAO’s downside potential is greater than its upside potential.
