- TAO gained momentum and gave an impressive uptick of over 35% this week.
- Its trading volume surged over 23% in the past 24 hours.
Bittensor (TAO) has been in recovery mode and witnessed an impressive rebound from the lower levels.
In the past, TAO experienced a wallet hack and faced sentimental correction, leading to a loss of over 20% of its value last month. However, the buyers have resisted the selloff and regained momentum in the past few trading sessions.
Interestingly, the token crossed the 20-day EMA mark and climbed the mid-zone of the channel, above the $250 mark, which unlocked the door to $300.
An impressive recovery from the bottom mark of $200, with a substantial increase in volume, signified that the token is getting ready to approach the $300 mark. Moreover, the rising RSI curve conveys the potential upmove on the horizon.
TAO was traded inside a falling channel, and buyers were on the way to trigger a breakout rally. Once the token crosses the $300 mark, it might show a wild move toward the $350 shortly.
Bittensor (TAO) Price at Press Time
The Bittensor was trading at $273.10 with an intraday surge of 10.36%, reflecting bullish momentum on the chart.
The pair of TAO/BTC was at 0.00453 BTC, and the market cap was $1.93 Billion. Analysts were neutral and suggested that the price may register a channel breakout and would cross the round mark of $300.
Regarding market cap, TAO ranked at 51 and has a total supply value of 21 million, while the volume-to-market cap ratio is 0.0181.
Is TAO Cooking a Breakout?
This week, the TAO price escaped the channel’s midline and decisively sustained gains beyond it, showing buyers have regained their strength.
Following the market recovery, TAO aggressively returned from the bottom and was in a hurry to reclaim the $300 mark.
TAO Price Chart | Source: Santiment
Its Relative Strength Index curve had a reading of 50 and reached the halfway line, which implied a continuation of the buying pressure ahead.
$TAO You can’t get better than this 😎
— 𝐋𝐨𝐧𝐠𝐓𝐞𝐫𝐦®📊🏆 (@LongtermR) July 13, 2024
Higher. https://t.co/DR3UQItKr8 pic.twitter.com/cJVWN42cu7
A Tweet by @LongtermR | Source:X
Impressive Growth In Development Activity
Over the past few months, the token price has been traded on a negative note, but the development activity witnessed a consistent upmove at 95.17. It conveyed the developer’s meteoric growth for the token.
Development Activity Data | Source: Santiment
Its developers’ contributions data also tells the same and plotted big bars, which signified the long-term growth was intact due to its strong meteoric growth.
Per the Fib levels, the token has crossed the mid-Bollinger band region and is heading towards its 38.2% zone, which exists near $310.
OI- Weighted Funding Rate
The positive funding rate, consistently throughout this week, implies that buyers are outnumbering the sellers, and a shift in market dynamics was noted.
The Total Liquidity Chart
At the time of writing, the token has noted a rise of over 10%, which impacted the bear cartel. Besides, a spike in the short liquidations was noted.
Notably, the long liquidations were noted at $1.63k, while the short liquidations were at $38k, clearly signaling that traders were betting more longs and anticipating a breakout ahead.
The immediate support levels for the Bittensor token were $260 and $245, whereas the key upside hurdles were around $293, followed by $300 at press time.
All in All
The TAO token price climbed above the 20-day EMA mark and was trying to split the trendline barrier of $300. If it happens, a sharp breakout could be recorded, and the token could skyrocket toward the $350 shortly.
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
