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>>Bittensor’s price breaks out of a descending wedge—what’s the potential upside for TAO?

Bittensor’s price breaks out of a descending wedge—what’s the potential upside for TAO?

crypthub

about 12 hours ago

Technical Breakout

Bittensor (TAO) has emerged from a falling‑wedge pattern on the 4‑hour chart, signalling the end of a corrective phase. Buyers defended the $163‑$165 support zone, turning cautious sentiment into constructive buying. The breakout follows a prolonged consolidation at the lower edge of a descending channel, giving the move added credibility. This pattern suggests sellers are weakening and a short‑term recovery may be underway.

Support and Resistance Outlook

The $163‑$165 area now acts as a firm accumulation shelf, with each dip met by steady buying. Immediate resistance lies near the midpoint of the descending channel, where prior rallies stalled. A successful breach could open the path to the $230‑$240 zone, representing a potential 25‑40% gain. Sustained momentum is essential; a pullback below the wedge would invalidate the bullish signal.

Risks and Outlook

Despite the upside bias, TAO remains below long‑term moving averages, indicating a cautious broader trend. Market‑wide factors such as Bitcoin’s price and overall risk appetite could cap gains. A sharp crypto‑wide downturn would likely halt the rally regardless of the technical setup. Continued defense of support and incremental advances are needed for the breakout to mature.