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ThecoinrepublicPrice AnalysisBittensor (TAO) In Bullish Territory: Will It...
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Bittensor (TAO) In Bullish Territory: Will It Break Out?

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  • An increase in trading volume and market cap highlights growing demand. Analyst predicts TAO could reach the $450 mark.
  • Bittensor price surged 40% over the last three days after finding support at a key demand zone.

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.

TAO Futures Open Interest
TAO Futures Open Interest (USD) | Source: Coinglass

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.

TAO Total Liquidations Chart
TAO Total Liquidations Chart | Source: Coinglass

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.

Disclaimer

The contents of this page are intended for general informational purposes and do not constitute financial, investment, or any other form of advice. Investing in or trading crypto assets carries the risk of financial loss. The forecasted data (also called “price prediction”) on this page are subject to change without notice and are not guaranteed to be accurate.

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Andrew Smith
Andrew Smith
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing
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