What to know:
- TAO price holds near $309 support as structure stays intact despite recent pullback.
- Analysts highlight EMA support strength, with $290 level key for bullish outlook.
- A breakout above the trendline could push the TAO price toward $500 if momentum sustains.
Bittensor (TAO) price is holding near a key support zone after a recent pullback, on Saturday, April 4. Market structure remains intact despite short-term weakness. Traders are closely monitoring whether current levels can sustain the next move.
As per CoinMarketCap data, the TAO price is hovering around $309. It witnessed an increase of 1.2% in a day. The trading volume is down by 27.63% to $224.59 million. Over the last week, the TAO price has declined by 2.35%.
Also Read: Bittensor (TAO) Recovery Signals Potential Bounce Toward $379 Resistance
TAO Price Holds Strong Above Key Support
An analyst, CyrilXBT, highlighted that the price structure of TAO is strong compared to other assets. He mentioned that despite a drawdown in the market from $379, there was no damage done to its overall structure. The price is still holding above key support levels.
He highlighted that the 200 EMA near $273.5 is acting as a strong support below the price. This marks a shift in structure compared to earlier phases. He added that holding above $290 keeps the outlook stable.
In addition, another analyst, CryptoPrime B, mentioned that a breakout above an important trendline resistance could occur. The price of TAO is currently approaching this level from below to test it as support. Such an occurrence can be viewed as part of bullish continuation patterns.
The analysts suggested that in case of holding this level, the price may go up aggressively. He set a target of $500 for the next upside movement.
EMAs Provide Support While BB Indicates Compression
From a technical perspective, the Exponential Moving Average (EMA) indicators suggest that the price of TAO is well-supported by EMAs. In particular, the 20 EMA is currently at $293.0, while the 50 EMA is at $259.2. Both these levels are below the current price level of TAO.
The longer-term EMAs, such as the 100 EMA, are also providing good support. It is currently located at $252.6, while the 200 EMA is at $273.8. These levels confirm that the price is trading above key trend supports.
The Bollinger Bands (BB) show low volatility since the last market movement. The upper Bollinger Band is at $348.8, and the lower BB is at $252.8. The middle SMA level is set at $300.8.
The TAO price is trading near the middle Bollinger Band. The asset can continue to consolidate before breaking above or below the mentioned level.
Volume Declines While Open Interest Edges Higher
CoinGlass data shows that the future volume has fallen by 16.21% and reached $743.67 million. However, the open interest has risen a bit by 0.27% to $373.64 million.
The OI-weighted funding rate is at 0.0025%. It signals a weakly bullish sentiment in the trading community. Market participants remain cautious while waiting for a clear signal.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
Also Read: Polygon (POL) Eyes $0.35 Breakout as Falling Wedge Support Holds Strong
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