TAO Price Climbs from $142 Support as Traders Target a Potential Peak at $270

Key Insights:

• TAO breaks resistance, rising from $142 support with a potential target at $270.
• The market is cautious as a three-wave rise suggests further correction may be needed.
• Price is currently at $194.13 with a 24-hour volume of $336M, but risk management is crucial.

Bittensor’s TAO price has shown a notable recovery after hitting a support level at $142. Following weeks of resistance, the cryptocurrency has started to rise again. Some traders are eyeing $270 as a possible price target, as the coin attempts to break free from its previous limitations.

Technical Analysis: Key Levels and Breakout

The TAO cryptocurrency has recently experienced a breakout from a diagonal resistance pattern. This movement followed a “V-shape” recovery off the $142 support level, which indicates a strong absorption of sell orders. According to Whale Factor, the price action suggests that buyers have taken control. Support levels have now shifted, with $180 becoming a new key level. 

This price point is now considered a critical support/resistance flip, as it may dictate future price trends. The next significant support is at $142, which is seen as a “hard floor.” This means that if the price drops to this level, it may hold steady before making another upward move.

However, traders should manage their positions carefully, as market conditions can change quickly. Price targets are also set, with scalping out 25% at $210, while keeping some position open for a longer-term target of $270 and above.

Market Sentiment and Price Expectations

Despite the bullish signals, some analysts remain cautious about the current market trend. Morecryptoonl suggested that the price movement so far represents a three-wave rise, which may not yet confirm a full uptrend. 

“I would prefer a wider wave (4) correction before considering the move as a confirmed trend,” he added. 

This observation suggests that further corrections may be needed before confirming that TAO is entering a full upward cycle. Currently, the live price of Bittensor stands at $194.13, with a 24-hour trading volume of $336,578,871. Although the price has dropped 5.28% over the last 24 hours, the overall market remains mixed. 

Traders will be watching for confirmation of the uptrend or potential pullbacks before making more decisive moves. With the TAO price bouncing between support levels and showing potential for higher targets, traders are advised to manage their risk accordingly.