Bittensor (TAO) surges 45% breaking key resistance levels

Bittensor (TAO) has recently surged past key resistance levels, capturing the attention of traders and analysts alike. The cryptocurrency, which had been in a prolonged downtrend, has seen a significant rebound, with its price currently hovering around $412. This upward movement has sparked interest, as traders closely monitor whether TAO can sustain its momentum and break through the next resistance zone.

Prominent analyst Crypto Patel has shared his insights on the recent price action of TAO. Patel noted that the token's price has already increased by 45% from his previously identified buy zone, which ranged between $260 and $290. He believes that if the current momentum holds, TAO could potentially rise much higher. Patel also highlighted that the next potential re-entry point for TAO, should the price pull back, would be between $330 and $370. Looking further ahead, Patel's long-term forecast for TAO is ambitious, with a potential price target ranging from $2,000 to $5,000, although he has not specified a timeline for this projection.

TAO's recent price action has been marked by a breakout from a long-term bearish trend. After spending over a year in a descending channel, the token bottomed out between $167 and $210. Buyers then stepped in, pushing the price up nearly 200% and breaking through the upper boundary of the channel. This breakout was significant, as it left behind a fair value gap and a set of Fibonacci levels that are now serving as crucial technical markers.

The next major test for TAO is the $450–$480 resistance zone. This area has historically rejected the token, and the current price is consolidating just below it. If buyers can push through this resistance, the next major target is around $750, based on projected chart movements. However, if TAO faces rejection at this level, traders will be looking to lower support levels for potential buying opportunities.

Key support levels for TAO include the $350 to $370 range, which aligns with Patel's original buy area and is seen as a "golden" re-entry point by many traders. If this level does not hold, the next area to watch is between $322 and $250, where the fair value gap and key Fibonacci retracement levels converge. A move below $200 would be a warning sign, potentially shifting the trend into high-risk territory, although it does not necessarily indicate the end of the bullish trend.

The focus now is on whether TAO can break through the $480 resistance and continue its upward trajectory, or if it will pull back, offering another entry point for latecomers. The chart structure and volume suggest that this move is far from over, and traders are eagerly awaiting the next development in TAO's price action.