- Higher shorts have been liquidated in Bittensor crypto for the last 24 hours.
- The price volatility of the TAO token price was very high at 13.38% at press time.
Over the last 1 year, Bittensor has given its investors considerable returns and witnessed solid profit booking. Despite all this, the token’s price is still up by 400% compared to the last year’s low.
When writing, a surge in the trading volume of the Bittensor token was recorded in the last 24 hours. It showed increased demand for the token. Following this, the market cap value also advanced by 11%.
TAO cryptocurrency’s market cap at press time was $1.847B, which made it the 46th largest cryptocurrency in the global crypto market. Additionally, the value of the traded volume for the token was $70.138M in the last 24 hours.
The token had 33.45% of its maximum supply circulating in the market at press time, followed by a total supply of 7.024M TAO. Also, the maximum supply of the crypto is 21.0M TAO, which has resulted in a fully diluted market cap of $5.528B at press time.
Bittensor Token Derivatives Data Analysis
A surge of 40% in the derivatives trading volume of the token was recorded during the last 24 hours from the press time. However, there was an advance of 7% in the open interest of the token at press time.
That surge in the price metrics of crypto derivatives shows a rise in traders’ interest in the crypto’s derivatives.
The liquidation chart of the Bittensor shows huge long liquidation over time, which shows strong profit bookings in the token for a long time. Despite this, in recent days, higher liquidation in the shorts of the token has been recorded.
The following behavior shows bulls showing interest in the crypto. Although the amount of shorts liquidated hasn’t yet crossed the mark of a recent high of $598.43K, the trend remains uncertain to bearish.
TAO Token Technical Analysis
The price of the TAO token has been declining for a long time following a falling wedge pattern. It has lost more than 70% of its value from the swing high of $756.87.
TAO token price has witnessed a strong uptrend and a downtrend in less than 12 months. At press time, the token price follows a strong downtrend and has declined to certain lows following a falling wedge pattern.
When writing, the TAO price needs to break above the level of $440.0 and sustain above the same for an uptrend, as a strong swing high is situated at the level.
TAO/USDT Chart by TradingView
The EMAs on the daily chart of TAO crypto are trading in a death crossover, following which the price has declined below the EMAs. That exhibited a bearish character in the token price, and the Suprertrend also gave a sell signal on the charts.
The MACD and the signal line further depict a strong bearish trend, as its metrics traded in a death cross below the zero level for a long time.
The RSI has also traded below the 50 level for a long time, followed by a decline below the oversold zone in the last few days.
Summary
TAO token has seen high volatility with a recent 13.38% drop. Despite a 400% increase from last year’s low, it has declined over 70% from its swing high.
Technical indicators signal a bearish trend, including EMAs, MACD, and RSI. The price remains uncertain unless it breaks above $440.
The support levels for the TAO crypto are $122.0 and $197.0, followed by the resistance levels of $620.0 and $750.0.
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.