Bittensor (TAO) continued to trade above the psychological $300 level. While market leaders Bitcoin (BTC) and Ethereum (ETH) faced strong selling pressure last week and were forced to post losses, TAO continued its upward trend.
Therefore, $300 was an important support level that swing traders should pay attention to. Is the sustained uptrend another buying opportunity for TAO investors, or should they take profits and wait for a deep pullback from now on?
Rising TAO swing structure confirms trend direction
Last week’s move above $302.4 represented a bullish structural shift. TAO On the 3-day chart. At the same time, OBV was making new local highs and psychological round number resistance had been overcome.
These developments were particularly striking. bitcoin and many altcoins were forced to decline or trade sideways. Demand for decentralized AI infrastructure is likely to be driven by AI token relative strength.
A pullback towards $300 could be a buying opportunity for Bittensor traders and investors. Their next target will be $450-$500.
Why should investors buy now?
The 4-hour chart was quite encouraging. The price structure was in a strong upward trend during this time period. Technical indicators have also supported the bullish momentum and reflect steady buying pressure on the altcoin.
Fibonacci retracement levels (blue) indicated that a pullback was in progress. The $286-305 pocket could be the ideal buying zone, but it is unclear whether we can catch this decline.
Investors can buy anywhere in the $286-$319 range as many investors and analysts view the 50% retracement as significant support in the uptrend. In both scenarios, the next targets will be the $405 and $449 levels.
A decline below the $261.1 mark would shift the H4 structure to the downside and invalidate the bullish setup laid out above.
Final Summary
- Bittensor continued to trade above the $300 level despite the correction in the crypto market over the past two days.
- This show of relative strength could see another uptrend next week; The next targets could be $409 and $450.
