- Bittensor (TAO) rose 20% intraday, trading between $160.17 and $208.10 while holding above recent support.
- Short-term indicators show improving momentum, with resistance near $210 and support around $160–$170.
Bittensor (TAO) recorded a strong move higher in the latest session, rising roughly 20% on the day as buyers pushed the token off recent lows. The rally comes after an extended corrective phase that had weighed on price action for several weeks. At the time of writing, TAO priced at $191 with a market cap of $2.04 billion.
Over the past 24 hours, TAO traded between an intraday low of $160.17 and a high of $208.10, reflecting renewed volatility and increased trading activity.
Daily Chart Shows Strong Single-Day Bounce
On the daily chart, the recovery follows a sustained downtrend that pulled the token from levels above $300 toward the $150–$160 region. The recent bounce marks one of the strongest single-day advances in this corrective cycle. Price is now attempting to stabilize near the $190 area, reducing immediate downside pressure.
Technically, short-term indicators are beginning to improve. The 9-day moving average is turning upward and attempting to cross back above the 21-day moving average, a development often monitored for early signs of momentum shifts. However, TAO price still trades below the longer-term moving average near the $260–$270 region, suggesting that the broader trend remains under pressure despite the rebound.
Meanwhile, the Relative Strength Index (RSI) has recovered to around 48 after recently dipping near oversold territory around 30. This indicates that bearish momentum has eased, though the indicator remains below the 50 midpoint, reflecting a market that is still in transition rather than a confirmed uptrend.
If TAO trades on the same page the immediate resistance is now seen near $200–$210, aligned with the session high of $208.10. A sustained move above that zone could open the door toward $220–$240. On the downside, $170–$160 remains key support, with a break below potentially reintroducing selling pressure.
Source: https://thenewscrypto.com/can-bittensor-sustain-its-20-rally-after-rebounding-from-160/
