Tao’s price has lately a strong run after breaking some important bullish patterns, and analysts think that it could still climb another 30%.
Bittensor (TAO) rose by 12% to hit an intraday height of $ 388 on 28 April before he cooled a little to around $ 372 per press. That is a profit of 18% in the past week, and it is now a huge 120% compared to his monthly low point. Market capitalization has also exploded, sitting at more than $ 4.32 billion, far from around $ 1.95 billion early April.
From April 29, morning Asian time, the daily trade volume was 87% higher than the previous day at more than $ 208 million, which indicates an increase in commercial activity.
The increase followed in recent days a strong increase in the open interest in the Futures, which reached a high point of $ 258 million on 25 April, at around $ 155 million, just a month ago, per facts van Coinglass. The simultaneous price increase and open interest usually indicates the strengthening of the bullish sentiment.
Moreover, the financing percentages are again positively reversed, which shows that traders are willing to pay a premium to stay long. At the moment the long/short ratio for Tao/USDT is on Binance at 1.14, which means that more traders bet on the price that goes up instead of down. A ratio above 1 generally indicates a bullish bias.
Tao’s recent price dump seems to be bound by renewed attention after Grayscale highlighted his Bittensor Trust in a April 28 X, after. Although the confidence was launched in August 2024, the announcement has innovated interest within the TAO community.
As one of the most prominent names in Crypto assets management, the involvement of grayscale institutional credibility adds.
In the meantime, the Crypto community Bullish looks like Tao. The data from Coinmarketcap shows that 83% of traders expected in the short term and TAO has remained in a positive social sentiment area for 12 days. It is even trending on Google as more investors and traders catch the hype.
Tao Price Analysis
On the 1-day USDT-Grafiek, Tao recently broke a multi-monthly wig pattern, an arrangement that is often considered a bullish in technical analysis. When the price breaks above the upper trend line of this pattern, this usually indicates the continuation of an upward trend.
Tao is currently moving within an rising channel and the key resistance is approaching near the $ 400 level. Based on the map structure, it seems ready to test this level and possibly break through soon.
As an addition to the Bullish Case, the Chaikin money flow has risen to 0.13, which suggests that an increased purchasing pressure. If this upward momentum continues, the price of TAO can see further profit in the short term.
Moreover, a gold cross has been formed on the daily graph, where the 20-day EMA (blue) above the 50-day EMA (green) has been crossed. This is generally seen as a bullish signal. The last time this crossover took place, Tao rose nearly 140%within a month.
If the current setup follows a similar path, TAO could possibly break the resistance level of $ 485, which in the coming weeks almost 30% increased compared to its current price.
Analysts remain optimistic that the present momentum could continue to stretch and some are already looking at higher goals. According to For analyst Quinten, the recent outbreak of Tao above $ 360 is considerable, and a retest of that level as support could pave the way for a movement to the purpose of $ 485.
Publication: This article does not represent investment advice. The content and materials on this page are only for educational purposes.
