Bittensor (TAO) Jumps 13% Amid Bullish Signals
Key Takeaways
- Bittensor (TAO) recorded a price increase of over 13% within 24 hours.
- Trading volume surged by 122% to 588 million USD.
- Technical indicators point to a possible continuation of the upward trend.
- A so-called “Golden Cross” is imminent – a bullish chart signal.
- Open interest in TAO futures rose by over 20%.
TAO with Strong Rebound – Noticeable Increase in Demand
After a pullback to around 411 USD, Bittensor (TAO) saw a significant recovery. Within a single day, the price climbed to 472 USD – a gain of 13.16%. At the same time, trading volume surged dramatically: with 588 million USD, an increase of 122% was recorded. Such increases in volume alongside rising prices indicate strong buying interest.
Order Book Shows Buyer Dominance
A look at the order book (order delta) reveals a clear dominance of buy orders. With a positive delta of 3,890 units and a buy volume of 32,000 compared to 28,190 sell orders, demand is clearly higher. Buyers appear willing to absorb available supply, pushing the price upward.
Futures Market Gains Momentum
Interest in the derivatives market is also increasing. According to CoinGlass data, open interest – the total of open positions – rose by 20.59% to 260.8 million USD. At the same time, funding rates remain positive across several exchanges. This indicates a bullish market sentiment, with many traders betting on further price increases.
Technical Analysis: Golden Cross Approaching
From a technical perspective, TAO is currently sending strong buy signals. The 50-day moving average (EMA 50) is approaching the 200-day moving average (EMA 200). If the EMA 50 crosses above the EMA 200 from below, it forms a “Golden Cross.” This pattern often signals a continuation of the uptrend. In the past, such signals were frequently followed by further price gains.
What’s Next?
If the current momentum continues, TAO could soon reclaim the 500 USD mark. If it fails and buying pressure weakens, a pullback to the support zone around 403 USD is possible. The key will be whether buying interest remains strong at that level.
Our Assessment
TAO is currently showing a clear upward movement, supported by strong demand, rising volume, and positive signals in the futures market. The upcoming Golden Cross could attract additional investors. Those interested in TAO should keep an eye on the 500 USD level. At the same time, a pullback cannot be ruled out – especially in volatile phases like this one. Watch the market structure carefully before making a decision. TAO remains an exciting altcoin with short-term potential, but also risks.
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Sources
- Coinalyze
- CoinGlass
- TradingView
- Santiment
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