Will Bittensor Price Surpass $400 as It Prepares a Breakout Run in the Daily Chart?

AI tokens are trending as the broader market bounces back with a surge in rate-cut speculations. Amid a fresh recovery run of AI crypto tokens, Bittensor prepares a breakout run in the daily chart.

AI tokens are trending as the broader market enjoys a return to form, with a surge in rate-cut speculation. Amid a fresh recovery run of AI crypto tokens, Bittensor prepares for a breakout run on the daily chart.

Will this breakout run in Bittensor lead to a new swing high, crossing the $400 mark?

Bittensor Trapped in a Triangle

A long-coming downtrend on the daily chart sees the Bittensor token in a massive correction from a peak closing price of $731 earlier this year to a yearly low of $165 on August 5 - a 77% decline in the bear market.

However, the Bittensor token has stabilized around the $219 mark, with underlying demand keeping prices above $200. Now, a sideways trend above the $200 support creates a symmetrical triangle pattern that holds the momentum trapped.

The token now trades at $322 following a bullish engulfing candle from last night that saw a 12.37% gain. Today's intraday candle forms a Doji, showing indecision as it nears overhead resistance.

Will Bittensor Price Surpass $400?

As the Bittensor token continues its sideways trend, the upper and lower Bollinger Bands converge, suggesting the altcoin may be approaching a breaking point.

The MACD indicator shows a bullish alignment as the MACD and signal lines support each other with increasing histograms.

Overhead, the upper trendline of the triangle coincides with the 23.60% Fibonacci retracement at $340. A bullish breakout could target the 38.20% and 50% levels at $415 and $475, respectively.

On the downside, the 20-day EMA of the Bollinger Bands at $279 and the $219 support level are key areas of demand.