Bittensor (TAO) has firmly cemented itself as one of the standout performers in the crypto space this month.

akeaways

Key Takeaways:

* Bittensor (TAO) has been one of the best-performing cryptocurrencies this month.

* Since the start of April, TAO’s price has risen from $255 to nearly $400.

* This aligns with CCN’s earlier analysis, which suggested that TAO could continue its bullish run.

* While many altcoins have recently shown price increases, TAO is setting itself apart by refusing to relinquish its gains.

TAO’s price rally began after the altcoin broke out of a bullish pennant. A bullish pennant is a small symmetrical triangle formed by converging trendlines after a strong upward move and downtrend.

Once the price breaks out of the top, it tends to resume the bullish trend. This was the case with TAO, as the breakout led to higher lows and highs for the cryptocurrency.

As of press time, TAO is trading inside an ascending channel and aims to break the resistance at $400. A closer look at the daily chart shows that TAO’s price will likely move above this threshold quickly.

One indicator that supports this forecast is the Chaikin Money Flow (CMF). The CMF measures the accumulation or distribution of an asset over a specific period (usually 21 days).

It combines price action and volume to assess the market’s buying or selling pressure. A reading below zero indicates dominant selling pressure.

However, on the TAO/USD daily chart, the CMF has risen to 0.18, indicating rising buying pressure. If this trend continues, TAO’s price might trade higher in the short term.

TAO Price Analysis: Golden Cross Support More Upside

On the same daily chart, we can observe that TAO has formed a golden cross. A golden cross forms when a shorter-period Exponential Moving Average (EMA) rises above the longer one, and is usually bullish.

The 20 EMA (blue) has crossed above the 50 EMA (yellow), indicating a bullish trend. The last time a similar thing happened, TAO’s price went from $290 to $680 within a month.

Hence, if history repeats itself with the current price action, the market value could rise and pierce the $458.10 resistance in a few weeks. If that happens, the altcoin’s next move could be to $526.55 near the 0.382 Fibonacci level.

On the other hand, if the cryptocurrency fails to rise above the 0.618 golden ratio, this forecast might not pass. In that scenario, TAO’s price could decline below $300.