TAO continued to trade above the psychological $300 level. While Bitcoin (BTC) and Ethereum (ETH) faced strong selling pressure over the past week and were forced to register losses, TAO continued to trend higher. The $300 was therefore an important support level that swing traders should keep an eye on. Is the sustained uptrend another buying opportunity for TAO traders, or should they take profits and expect a deep retracement next?
The move above $302.4 on the 3-day chart represented a bullish swing structural shift for TAO, with OBV making new local highs and a round-number resistance overcome. These developments were notable as Bitcoin and many altcoins were forced to go lower or trade sideways, underscoring the AI token’s relative strength. A pullback toward $300 would be a buying opportunity for Bittensor traders and investors, with next targets around $450-$500. The 4-hour chart was encouraging, showing a firmly bullish price structure and indicators supporting steady buying pressure, while Fibonacci retracement levels indicated a retracement underway in the $286-$305 pocket.
Traders can look to buy anywhere within the $286-$319 area, as many traders and analysts also consider the 50% retracement as a key support in an uptrend. Should the market continue higher, the next targets sit around $409 and $450, while a break below $261.1 would undermine the bullish setup. The ongoing strength suggests a possible further upside next week toward those levels. Disclaimer: AMBCrypto’s content is meant to be informational in nature and should not be interpreted as investment advice. Trading, buying or selling cryptocurrencies should be considered a high-risk investment and every reader is advised to do their own research before making any decisions.
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