TAO Coin Rebounds from Dip, Surges Over 6% in 24 Hours

Despite a brief downturn, the TAO coin price has rebounded and experienced a notable upward trend. As of writing, Bittensor tokens have seen a surge of over 6%, boasting a YTD growth of 134.35%. The price has exhibited significant fluctuation since March, recording an all-time high of $759.61 on March 8th before undergoing corrections and sideways trading. Recent technical analysis suggests an ongoing buying pressure, with MACD indicators pointing towards continued value gains for TAO.

TAO Coin Price Regains Momentum After Bearish Dip, Up Over 6% in 24 Hours

In a significant reversal of fortune, the TAO coin price has surged upwards after a brief period of bearish sentiment, recording a notable uptrend in valuation. The Bittensor token has experienced a remarkable 6% gain within the last 24 hours, pushing its year-to-date (YTD) returns to an impressive 134.35% at the time of writing.

Since the beginning of March, the Bittensor price has exhibited significant price fluctuations, highlighting the increased volatility surrounding this altcoin within the cryptocurrency industry. On March 8th, the TAO price reached a new all-time high of $759.61, demonstrating the bullish sentiment that had been driving its value upwards.

However, the bulls failed to maintain their momentum and the price subsequently broke below the support level, resulting in sideways trading for several days. As market volatility intensified, the bulls encountered another correction of 17.17% over the next two days, causing the price to adopt a neutral trend for a period.

Undeterred, the bulls staged a remarkable comeback, propelling the valuation up by 25.60% before facing resistance at $716.5. The price then entered a period of consolidation, as market momentum waned and the price dropped to a low of $562. Since then, the price has resumed its upward trajectory.

The technical indicator, Moving Average Convergence Divergence (MACD), displays a persistent green histogram, indicating a heightened buying pressure over selling pressure in the crypto market. Additionally, the averages exhibit a steady upward trend, suggesting that the price is likely to continue gaining value in the near future.

Prospects for TAO Price Rise

If the market succeeds in pushing the price above the resistance level of $638, the bulls will regain their strength and potentially test the upper resistance level of $678.5. Should they manage to sustain the price at this level, the bulls will gather further momentum and prepare to challenge their upper resistance of $716.5.

Contrarily, if a bearish trend reversal materializes, the bulls will lose momentum and fall back to test the support level of $603. Furthermore, if the bears maintain their dominance, the Bittensor price may continue to decline and test its critical support level of $562 in the coming period.