TAO Crypto Surges 25% to $270, Bullish Momentum Builds

TAO crypto has recently regained a bullish market structure, with the price climbing past the $270 level. This breakout represents a bullish market structure break, indicating that the price could move towards $400 in the coming days. The bullish 1-day structure was accompanied by a rising On-Balance Volume (OBV), which broke above its highs from March, highlighting strong demand behind the altcoin’s April gains. The Awesome Oscillator also made a bullish crossover a week ago, with its green histogram signifying that bullish momentum was snowballing.

However, the $320 and $360 levels, which had served as support in January and February, have now been flipped to resistance levels due to steady selling pressure. At press time, TAO seemed to be challenging the former level as resistance. Even with the rising buying pressure and momentum, these resistance levels could stall the bullish trends for a few days. If Bitcoin’s momentum continues bullishly, it is likely that Bittensor would be able to climb beyond $400 and challenge the next significant resistance at $460.

A liquidity pocket just below $300 may be a short-term price target that TAO could retest. This liquidity pocket suggests that there is significant buying interest around this price level, which could act as a support zone and propel the price higher. The 3-month liquidation heatmap revealed that a huge cluster of liquidations had formed around the $280-$295 region over the past month. The recent gains saw Bittensor fly past this magnetic zone, cementing its bullishness and hinting that the next price target was $373. To the south, the same $295-level saw a small cluster of long liquidations build up. Therefore, it may be possible that TAO could pull back to $290-$300, before rallying towards $370.

Traders should be prepared for this scenario. They can look to bid at $290. A more conservative approach would be to wait for a retest of $290 and bounce beyond $300. They can then look for long entries. Swing traders and investors will be interested in a TAO pullback to this level. The bullish market structure of TAO crypto indicates that the price has been consistently making higher highs and higher lows, which is a positive sign for investors. This pattern suggests that the upward momentum could continue, potentially reaching the $400 mark in the coming days. However, it is important to note that the cryptocurrency market is highly volatile, and price movements can be unpredictable.