Bittensor (TAO) Bulls Step In, Eyeing $460 Upside

Bittensor (TAO) is beginning to show signs of a potential recovery, with its price currently sitting at $439.56, up 1.05% in the past 4 hours.

Bittensor (TAO) price showed signs of a potential recovery on Thursday, as the asset rose above the $430 level. It was trading at $439.56 at the time of writing, showing a 1.05% gain for the past 4 hours.

After experiencing a brief correction that saw it fall to lows of $390, Bittensor appeared to be attempting to regain upward momentum. The latest 4-hour chart from Benzinga Pro revealed a mix of bullish signals that suggested buyers may be preparing for another push higher.

The Bollinger Bands were showing early signs of expansion following a period of tight consolidation. TAO is currently trading near the middle band at $439.56, flanked by an upper band at $449.43 and a lower band at $414.67. The midline often acts as a key pivot point.

If the price manages to break above the upper band, it could pave the way for a rally toward the $460 zone. But if it falls below the lower band, there’s a risk of retracement toward the $400 level.

TAO’s moving averages also support a developing bullish trend. The 9-period Exponential Moving Average (EMA) is positioned at $438.39, while the 9-period Triple Exponential Moving Average (TEMA) is slightly lower at $431.10. A bullish crossover between the EMA and TEMA would further strengthen the case for an upward continuation.

Momentum indicators also align with this bullish outlook. The Relative Strength Index (RSI) is holding firm at 54.17, just above the neutral 50 mark. This suggests that bulls still have some control over market direction and there is room for more upside before overbought conditions set in.

The Moving Average Convergence Divergence (MACD) indicator has just turned bullish. The MACD line has crossed above the signal line, now sitting at 0.25 versus -3.21, with the histogram flipping green. This positive crossover indicates growing bullish momentum, which could push the price higher in the short term.

Overall, Bittensor appears to be setting the stage for a potential rebound. With its current price above key moving averages, a supportive RSI, and a bullish MACD crossover, the short-term trend is leaning positive.

As long as Bittensor holds above the $430 level, the asset could be preparing to retest resistance around $450, with the potential to move even higher if buying volume increases. Traders should monitor the price action around the Bollinger Bands and RSI for confirmation of trend continuation.