**TAO Price Accelerates to $395, Outperforming Major Cryptocurrencies This Week**
Bittensor (TAO) price is grabbing headlines today after surging more than 14% in the last 24 hours and notching a 23% gain over the past week. This rally has lifted TAO’s market cap to an impressive $4 billion.
The spark? Grayscale announced new institutional interest with its Bittensor Trust filing. This powerful combination of fresh capital, bullish technical momentum, and sustained spot accumulation is driving both sentiment and price.
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### TAO Price Analysis
On the 4-hour chart, TAO price has decisively reclaimed the $403.65 Fibonacci 23.6% retracement level, flipping it back into support. Notably, the token is now holding above its 7-day Simple Moving Average (SMA) at $394.36.
Recent price action shows a sharp rebound from $345.41, confirming that bulls successfully defended the pivot point at $371.4. The latest pulse in the MACD histogram (+7.71) reveals that bullish momentum is still accelerating. Meanwhile, the Relative Strength Index (RSI) sits at 55, suggesting there’s still room for additional upside.
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### What Does This Mean for Traders?
The breakout above $403 validates the short-term bullish trend. As long as TAO stays above the $371.4 pivot, dips are likely to be bought.
Immediate upside targets include $433.9, with a potential move to the next resistance at $478.27. Should bulls clear this level, the path opens toward $564, which aligns with the 127.2% Fibonacci extension.
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### Key Support and Resistance Levels
– **Support:** $371.4
– **Resistance:** $433.9, $478.27, and $564 (if the breakout continues)
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### FAQs
**Why did Bittensor’s (TAO) price rally today?**
TAO spiked due to renewed institutional demand, notably from Grayscale’s Trust news, bullish technical confirmation, and robust spot accumulation that offset derivative profit-taking.
**What are the major support and resistance levels for TAO now?**
Key support is at $371.4, while resistance levels remain at $433.9, $478.27, and $564 if the breakout continues.
**Is TAO overbought, or does it have further upside potential?**
With the RSI at 55, TAO has not yet reached overbought territory, suggesting further room for price appreciation if technical and market momentum hold.
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