Bittensor [TAO] bulls defend $336 support, eye $373 – Here’s why

Bittensor has maintained its bullish market structure over the past ten days. The range formation’s high at $373 is a key short-term resistance level. Bitcoin [BTC]’s recent 4.5% dip from $98k to $93.5k barely rattled Bittensor [TAO]—unlike many shaken altcoins. TAO maintained its bullish market structure on the one-day chart and was consolidating under the $373 resistance level at press time. Bulls were able to persevere over the past ten days and managed to hold on to the $336 support. The short-term range formation could allow traders and investors to prepare for the next price move. TAO bulls gather strength for their next move Source: TAO/USDT on TradingView TAO’s price action has been encouraging over the past month. The Fixed Range Volume Profile, which mapped heavy trading zones, showed the Point of Control (PoC, red) near $357, a level TAO keeps revisiting. On top of that, the 20 and 50-period moving averages showed momentum has flipped bullish. This was also evident from the price action, which surged past the $270 level to flip the swing structure bullishly. A strong rally to $373 followed this up, the 61.8% Fibonacci retracement level. Meanwhile, OBV slowly trended higher over the past ten days while the price consolidated around $357, which was a bullish sign. A breakout past $373 would signal that Bittensor was ready for a rally to the Value Area High at $480 (blue). Source: TAO/USDT on TradingView However, the four-hour chart told a quieter story. On H4, the OBV was not trending higher but formed a range over the past two weeks. It resembled the price’s range formation in recent days. This signals less short-term buying pressure than the daily chart suggests. The moving average lines crisscrossed without a clear direction, once again highlighting the lack of a trend from TAO. The range formation between $336 and $373 was clearer on the 4-hour chart. The PoC at $357 has been defended as support, which could see a 4.5% bounce to retest $373-$375. Liquidity pocket clues hint at a bullish breakout Source: Coinglass The liquidation heatmap of the past month highlighted the build-up of liquidation levels at the $380-$390 region. This liquidity cluster could be swept before Bittensor bulls face rejection. This could be followed by a price pivot southward in search of the liquidity at $318-$330. However, if BTC can stay above $95.7k in the short term, it could set the stage for a breakout move toward the $480-$500 region. In that context, TAO would need to see increased demand as well. Traders should expect a rally, but also be prepared for a potential liquidity hunt to $380. Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion Source: https://ambcrypto.com/bittensor-tao-bulls-defend-336-support-eye-373-heres-why/