TAO/USDT: Possibility of aiming for $280 after breaking out from the ascending wedge 📈

Bittensor (TAO/USDT) current price is $284.60, with a 24-hour change rate of -0.17%. An interesting technical pattern that has attracted attention in the trading community is forming. It is a chart pattern called an ascending wedge.

How the ascending wedge forms 🔍

Looking closely at the TAO chart, a clear ascending wedge pattern emerges. This pattern has the following characteristics:

• Upper line: An upward resistance line with a steep slope
• Lower line: An even steeper upward support line

This shape, where the two lines converge, reflects market participants’ psychology rather than just a simple figure. In the context of an uptrend, this wedge often indicates a consolidation period and suggests the possibility of a subsequent upward breakout.

Is the $280 target realistic? 🎯

Traders performing technical analysis believe that if a breakout occurs from this pattern, the price of TAO could rise to $280. This represents approximately a 2% increase from the current price level.

However, for this forecast to materialize, a confirmed breakout is essential. It is not just about price movement but a breakout supported by strong volume that is a key factor.

Trading strategy for wedge breakout 🔑

Bullish scenario

If the price surpasses the resistance line with strong volume, it will be a strong signal indicating the resumption of an uptrend. At this timing:

• Consider entering a buy after a confirmed breakout
• Waiting until the broken resistance line functions as a new support line is a risk management strategy
• An upward move toward the $280 target level can be anticipated

Bearish scenario

Conversely, a breakdown below the lower support line is theoretically possible. However, in the context of an uptrend, this is less likely. If this scenario occurs:

• The bullish hypothesis is invalidated
• Further downward pressure may arise
• Reevaluation of trading strategies becomes necessary

Important trading principles ⚠️

Always keep the following in mind when trading cryptocurrencies:

The value of patience – Do not jump in on unconfirmed breakouts
Volume confirmation – Trading volume accompanying a breakout is extremely important
Risk management – Always set a stop-loss point and prepare for partial loss of your investment

Let’s deepen the discussion 💬

What are your thoughts on the formation of this ascending wedge in TAO/USDT?

• Do you think the $280 upward scenario is reasonable?
• What key price levels should be watched before a successful breakout?
• Which indicators do you prioritize in your technical analysis?

We look forward to active discussions in the comment section.

Disclaimer: This analysis is not financial advice. The information provided is for educational purposes only and is based on individual technical interpretation. Cryptocurrency trading involves significant risks, and you may lose all your funds. Be sure to conduct thorough research and make responsible trading decisions.