- Bittensor has jumped over 34%, reaching $419.
- TAO’s daily trading volume has exploded by 136%.
A 5.18% rebound has injected some bullish sentiment into the crypto market. The majority of the assets have reclaimed their recent highs and entered the green zone. Meanwhile, Bitcoin (BTC), Ethereum (ETH), and Bittensor (TAO) have secured a notable spot among the trending coins, gaining momentum. TAO has registered a 34.63% surge.
The opening price for Bittensor was $311.71, the lowest range of the day. With the bulls initiating the rally, the asset’s price went high toward the $423.66 range. Significantly, TAO’s crucial resistance levels between $311.85 and $423.50 have been tested to reinforce the bulls. Further gains may help turn the bulls even stronger.
At the time of writing, Bittensor traded at around $419.05, with the market cap staying at around $4.30 billion. Also, the daily trading volume of the asset has exploded by over 136%, reaching $591.06 million. The Coinglass data shows that the market has witnessed a liquidation of $1.94 million worth of TAO in the last 24 hours.
Can the Bulls Push Bittensor to New Heights?
Bittensor’s technical analysis reports that the Moving Average Convergence Divergence (MACD) line is settled above the signal line, which indicates bullish momentum. The asset’s price is moving up, and buyers are currently stronger than sellers. Besides, the Chaikin Money Flow (CMF) indicator stationed at 0.25 suggests a slight buying pressure in the TAO market. Since the value is positive, it shows accumulation, that more money is flowing into the asset, but not extremely strongly.
TAO chart (Source: TradingView ) The four-hour price chart of Bittensor exhibits an active upside correction, with the potential to climb to the $427 range. A continuous correction on the upside might trigger the formation of the golden cross. The bulls could push the asset’s price to a high of $435.
Assuming a downtrend emerges, the asset’s price could instantly slip toward the nearby support level at around $411. If the Bittensor bears gain more strength, with the downside correction, a death cross might emerge, driving the price below $403 or even lower.
TAO chart (Source: TradingView ) Moreover, the Bull Bear Power (BBP) reading of TAO at 107.4 signals a strong bullish dominance. The buying pressure is stronger than the selling pressure, and the price could continue trending upward if momentum holds. Bittensor’s daily Relative Strength Index (RSI) is positioned at 70.25, which implies it is in the overbought territory. Notably, a price pullback or consolidation could happen soon with strong bullish momentum.
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