Bittensor’s TAO token surged 28% over two days, climbing from $242.7 to a high of $310.6 on March 19-20, challenging a key resistance level near $302 established in January. While bulls showed intent, the AI cryptocurrency sector’s momentum slowed, and the price has yet to close decisively above that barrier. Bitcoin’s stability above $70,000 could influence TAO’s near-term direction as the market awaits clearer signals from the ongoing battle between buyers and sellers.
The TAO token from decentralized AI project Bittensor registered a significant price increase. Over Thursday and Friday, March 19-20, it posted a 28% gain from a low near $242.7 to reach a high at $310.6.
This move challenged the 1-day timeframe’s swing high at $302.4, a level set back in January. The bulls were unable to overcome this resistance completely, but their actions demonstrated a clear intent to push prices higher.
This performance also marked a lower timeframe bullish continuation for the asset. The broader AI crypto sector, however, was unable to maintain the upward momentum it displayed the previous week.
Long-term holder conviction in Bitcoin is reportedly growing as it holds the psychological $70,000 level. “This could aid TAO buyers in the short-term.”
On the 1-day chart, TAO ran into long-term resistance near $302, which was followed by a dip quickly bought up at $242. At the time of writing, the Relative Strength Index (RSI) was in overbought territory, indicating an overextended market.
Data shows the daily trading volume has been rising over the past week, representing an intense battle between bulls and bears. The winner of this pitched battle remains unclear, but Bitcoin’s next move will have a significant influence on the outcome.
On the 4-hour chart, the market structure appears bullish after the price moved beyond $300.7. The price had found support at the moving averages, with the RSI above the neutral 50 level.
However, observed data indicated a bearish divergence, as the On-Balance Volume (OBV) made a lower high even as the price pushed higher. This signals a potential lack of buying pressure during the attempt to breach the $300 resistance.
Traders need to wait and watch Bitcoin’s moves to understand where Bittensor token’s prices can go next. “Neither buyers nor sellers have a clear advantage right now.”
