$TAO Soars 23% from Support, Eyes Breakout Toward Channel High at $470

$TAO bounced 23% from channel bottom, confirming strong buyer defense at key support.

Price nears mid-range resistance; breakout may trigger a move to $470 highs.

Major token unlock on October 12 could add volatility and impact price action.

Bittensor ($TAO) climbs to $346.17 amid solid trading volume, building momentum after rebounding from support. Market eyes remain fixed on the resistance zone, where a decisive move could spark a push toward the channel’s higher targets.

$TAO’s Strong Bounce Signals Bullish Defense

Bittensor ($TAO) has shown impressive strength lately, bouncing back sharply from its recent lows. Currently trading around $346.17 with solid volume backing, the token is gaining serious traction

This move comes after a strong 23% rally off a key support zone that traders have been watching closely. Now, all eyes are on the mid-range resistance level within its horizontal trading channel.

Source: Alpha Crypto Signal Via X

If it breaks above this point it could start a rally toward the channel’s highs near $470. However If $TAO hits resistance and gets rejected, it could pull back to support levels before attempting another move higher

Overall, momentum looks positive, but many traders are waiting for clear signals before making new moves. The next few days will be important for $TAO’s direction.

Key Resistance and Challenges Ahead

$TAO is moving bullishly within the $280 to $470 range, if it breaks above $470 it would signal continuation of a stronger upward trend, while dropping below $280 could bring more selling pressure.

Another factor to watch is the upcoming token unlock on October 12, when nearly 50 million new $TAO tokens will enter the market. Traders are keeping an eye on volume and price during the unlock period for it could increase supply and lead to price swings.

Short-Term Consolidation and Next Steps

On shorter timeframes, $TAO seems to be taking a breather after its recent rise,charts are showing a small pullback below the 9 EMA, and the Stochastic RSI indicates the dip might end soon.It is advisable to wait for a clear bullish sign before jumping back in.

If $TAO moves above the 9 EMA, it could rally to challenge resistance at $355, but If it fails to hold support between $335 and $340, further consolidation might follow before the next move up.

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