Despite the ongoing market turmoil, the Bittensor price has maintained its bullish outlook, indicating an increase in the buying sentiment. Moreover, this altcoin has gained the market spotlight with its impressive price rally of over 33% this week.

Wondering about the price action of this altcoin? Let us understand the market analysis, technical sentiments, and possible short-term price prospects of the Bittensor (TAO) crypto token in this article.

TAO Price Soars Over 33% In 7 Days!

The price of Bittensor has jumped by 15.61% in 24 hours with a trading volume of $320.474 million. Moreover, it has surged 18.31% over the past week and has a Year-to-date (YTD) return of +4.17%. This further highlights a strong bullish outlook.

The Moving Average Convergence Divergence (MACD) records a constant rise in the green histogram with its averages displaying a similar price trend. This suggests an increase in the buying-over-selling pressure for the altcoin in the cryptocurrency market.

Moreover, the EMA 50/200-day displays a bullish rise in the daily time frame. With its trendlines recording a high possibility of a Golden Cross, the TAO coin price may continue gaining value in the coming time.

Will Bittensor Price Hit A New 52-week High?

If the bullish sentiment sustains, the TAO crypto price could retest its resistance level of $500. Maintaining the price above that level could set the stage for this altcoin to head toward its upper price target of $547 in the upcoming time.

However, if a bearish trend reversal occurs, the TAO price may retest its immediate support level of $437.5. Furthermore, if the bearish sentiment intensifies, this could result in this altcoin plunging toward its lower support level of $326.

Wondering about the long-term price prospects of the TAO token? Read CoinPedia’s latest Bittensor Price Prediction until 2030 to unfold the possible mysteries!

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