- Bittensor (TAO) shows strong momentum with rising volume and growing investor confidence in the market.
- Analysts eye a $450 breakout that could push TAO toward $500, while $398 remains key support.
- Trading volume surges 14.61% to $1.48 billion, signaling strong market activity and stable investor sentiment.
Bittensor (TAO) is experiencing a good market run and is currently trading at $417 following a gain of 1.46% in the last 24 hours. The trading volume also improved by 4.06% and is currently at $612.95 million. Both price and volume growth indicate an acceleration of the market action and increasing investor confidence in the current direction of TAO.
Source: CoinMarketCap
The token has shown good performance in the past week, registering a price growth of 20.85%. This upward trend has attracted the focus of analysts who believe that the bullish behavior of the token is likely to persist in case the buyers are in charge. The increased trend is also an indicator of renewed attention on the ecosystem of Bittensor, facilitated by continuous trading activity.
Crypto analyst CryptoPulse highlighted that TAO is currently testing a downward trendline after its impressive surge over the past week. Analysts observe that in case the price recovers and closes above $450, it could trigger a break to the $500 mark. Nonetheless, a decline at this point may reverse the token back to its weekly support level of $290 and $310.
Source: X
Bittensor Maintains Stability as TAO Holds Key Support Levels
Moreover, another analyst, Degen Sing, mentioned that TAO has demonstrated resilience against recent market volatility. He noted that the coin is trading at approximately 417, which is quite near the R1 level of 398, establishing it as a significant support level. As long as there is bullish momentum, the next resistance levels to look at are $423 and $455. Such levels can determine the short-term price direction of TAO.
Source: X
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A fall below $398 may result in a temporary correction. Nonetheless, he explained the structure as healthy, illustrating consolidation following a bullish rally. This trend is usually a sign that traders are setting up an escape before the next outbreak. The existence of clear support zones and distinct resistance zones serves as a technical understanding for market participants.
Open Interest Rises, Reflecting Growing Confidence
According to CoinGlass data, the trading volume of Bittensor grew by 14.61%, reaching $1.48 billion. There was also an increase of 0.97% in open interest, which is currently at $282.73 million. The OI-Weighted Funding Rate stands at 0.0062%, which implies a stable market condition for the futures trader.
Source: CoinGlass
Technical charts mark out $398 and $354 as key areas of support. The resistance levels stand at $423 and $455. These levels will dictate the movement of TAO in the immediate term.
Nevertheless, Bittensor is still in a good position. The strong market confidence is demonstrated by the stable price behavior of the token, increased volume, and steady funding data. The traders are monitoring keenly to know whether TAO will be able to push the milestone of above $450 and proceed forward.
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#Bulls #Push
