Bittensor (TAO) is in the third day of a bullish spell on the daily chart. Price has shown signs of sustenance at a crucial demand zone, where the last rally popped out.
Bittensor has given over 1600% in returns to investors, peaking at $755 (ATH) from October 2023 to March 2024. However, it was followed by profit booking, losing nearly 70% of its gains.
Despite the fall, the TradingView of (TAO/USDT: MEXC) showed that by May 2023, it had an all-time low level, and its current price has traded nearly 800% higher.
Per the tokenomics, 33.45% of the supply is in circulation out of the total supply of 7.024 Million TAO. Meanwhile, the FDV, as of writing, stands at $5.528 Billion, as its maximum supply has been capped at 21.0 Million TAO.
According to CoinMarketCap, TAO demand surged, as its spot trading volume amounts to $69.911 Million, and in the last 24 hours, increased by nearly 22%. Following this, the market cap has also reflected a surge of around 12%, which amounts to $1.855 Billion.
Similarly, in terms of market cap, TAO is among the top 50 cryptos on CoinMarketCap, ranking 46th.
Million, and in the last 24 hours, increased by nearly 22%. Following this, the market cap has also reflected a surge of around 12%, which amounts to $1.855 Billion. Similarly, in terms of market cap, TAO is among the top 50 cryptos on CoinMarketCap, ranking 46th.Furthermore, the development activity is on the rise, reflecting high activity in the form of ongoing projects and developments.
Reading Derivaties Data
Open Interest: 8.82% of new contracts have been opened, amounting to $40.40 Million in the past 24 hours, followed by the massive volume of derivatives that amounted to $144.77 Million.
The liquidation chart highlights the tremendous long liquidation responsible for robust profit booking witnessed on the TAO daily chart.
Despite the massive longs over the last few days, bullish presence was witnessed, as the shorts liquidated were higher than longs. The liquidated shorts amounted to $102.00K, and the longs stayed low at around $49.59K.
The following behavior signifies that bulls are showing interest in TAO.
TAO Price Could 2x: Analyst
According to JoshTrades, the price could double if it continues to stay between $215 to $200. He noted that $450 price level could be achieved at this rate.
The daily chart highlights a three-candlestick pattern called ‘three white soldiers,’ which signifies bullishness. At press time, TAO was trading at $267.35, approaching dynamic EMA hurdles.
The RSI was at 48.26, which took a U-turn from oversold territory and is headed towards overbought zone. MACD has built a bullish cross below the zero line, with a growing histogram at 4.61.
Forecast on the Daily Chart
If TAO rises above the anticipated falling wedge and breaks out, the first interruption would be at $300, followed by $353.
On the contrary, if it fails to pass the dynamic upper trendline, it would fall back toward the demand zone between $200 and $150. TAO is showing signs of a bull run after as it finds support at a crucial zone. Bullish chart patterns and indicators suggest price increases are lined up.
 Poised for Bullish Run after finding support at a crucial zone. Analysts predict a potential price increase of up to $450){kind=link}