Bittensor’s TAO token is working to build a third impulsive wave to the upside, according to a technical read of the 4-hour chart on MEXC. The current price action sits just under the $288-$305 zone, a range that has served as both support and resistance going back to late April.
The setup is not confirmed yet. TAO still needs to clear near-term resistance before the wave count becomes clean.
Wave Structure Builds From $116 Floor
The broader Elliott Wave sequence on the 4H Bittensor/USDT chart originates near the $116 base, where a completed corrective structure bottomed out. From that floor, TAO printed what analysts would label a first and second wave, with the current move attempting to extend into a third.
According to More Crypto Online on X, TAO is still trying to form a third wave to the upside. The chart posted by the account shows price at roughly $287.90, pressing against a resistance cluster that has capped multiple attempts at continuation.
Wave 2 appears to have completed in the $116-$130 range. The corrective phase that followed the initial impulse brought price back to that floor before buyers stepped in.
Fibonacci Levels Map the Upside Path
The 4-hour chart from More Crypto Online maps two clear Fibonacci extension targets above current price. The 61.80% extension sits at $427.96. Above that, the 78.60% level lands at $504.44.
Both targets assume the third wave gains traction from current levels and does not get rejected at the immediate overhead zone. There is also a secondary scenario visible on the chart where price revisits the $249.95 area, the 50% retracement level, before attempting higher.
That pullback scenario points to a Wave 2 recurrence or a Wave 4 correction at a smaller degree. The $226.76 Fibonacci support, the 61.80% retracement of the prior move, sits just below as a harder floor.
Support at $226 Separates Bulls From Bears
TAO has been trading above the $250 range after bouncing off the $116-$130 zone in early 2026. The 4H chart structure shows an internal corrective ABC pattern completed somewhere in the $200-$235 area, which set up the current push.
Losing $226.76 would be a problem. That level is labeled on the chart as a second wave low candidate, and closing a 4H candle below it would likely invalidate the current bullish count. A breakdown from there opens the door back toward the orange support band near $116, which the chart marks as a longer-term floor.
Current price at $287.90 sits inside a resistance zone mapped between roughly $263 and $305. The green horizontal line on the chart places a key decision level at $305.
No Breakout Confirmation Yet
TAO is trading around $284 on the 4-hour timeframe at the time of this analysis. The coin has risen roughly 15% over the last week, though the monthly performance still shows a decline of nearly 7%, according to TradingView data.
The Elliott Wave count from More Crypto Online on X does not claim Wave 3 has started. The account states TAO is “still trying to form” that third wave, which means the attempt is active but unconfirmed.
A clean move above $305 with volume would be the first signal. From there, the $427.96 target becomes the first major test of how far Wave 3 can extend.
Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency trading carries significant risk. Always conduct your own research before making any trading or investment decisions.
