Following its breakout from a descending wedge pattern, Bittensor [TAO] has garnered considerable attention from both traders and analysts, showcasing impressive upward momentum.
As of the latest update, the token is priced at $450.87, marking a significant 18.92% surge within a single day.
With TAO testing crucial resistance levels, the market eagerly anticipates whether it can uphold this upward trajectory or encounter a phase of consolidation.
Spike in Open Interest: Significance Unveiled
The open interest (OI) for TAO has surged by an impressive 30.81%, reaching $221.98 million. This surge implies a rising confidence among investors in TAO’s potential for further upward movement.
An increase in OI indicates a higher influx of capital into the market, potentially offering liquidity and aiding in prolonged upward momentum.
Impact of Coinbase’s Listing on TAO
The news of TAO’s listing on the Bittensor network by Coinbase has sparked enthusiasm within the market. This listing enhances the visibility of the cryptocurrency and widens access for investors, especially since Coinbase is a major player in the cryptocurrency exchange realm.
This listing could potentially attract more traders to participate, leading to an extended upward surge in TAO’s price.
Is TAO Poised to Surpass the $445 Mark?
TAO has exhibited a consistent upward climb and is currently testing the critical resistance level of $445.11. A successful breach of this resistance could pave the way towards the next significant target of $455.
This upward price movement signifies a robust bullish trend and hints at the possibility of further gains in the upcoming weeks.
However, failure to overcome this resistance level might lead to a brief consolidation phase before another attempt at breaking through.
Surge in Social Dominance and Volume: Bullish Signal?
TAO has witnessed a notable uptick in both Social Volume (SV) and Social Dominance (SD). As of the latest data, SV stands at 61, while TAO’s SD is recorded at 0.296%, showcasing a significant surge in discussions and engagement surrounding the coin.
This surge indicates a growing interest from investors, as SD often aligns with price movements. Moreover, this escalating social buzz could play a pivotal role in propelling TAO’s price further in the days ahead.
TAO Liquidation: Shifting Market Sentiment
The total liquidations for TAO reflect a favorable balance between long and short positions, with long positions currently dominating at $517.03K in liquidations compared to $58.8K for short positions.
This suggests that market participants anticipate the bullish trend to persist. This change in sentiment underscores a rising confidence among traders, with minimal bets against TAO’s upward trajectory.
Can Bittensor Sustain Its Bullish Momentum?
Having successfully broken out of its descending wedge pattern, Bittensor appears well-positioned for continual upward movement, supported by key metrics like OI, SV, and the impact of Coinbase’s listing. Should it surpass the $445 resistance level, it might aim for higher targets shortly.
Nevertheless, a failure to breach this level could lead to a consolidation phase. As such, TAO stands a solid chance of maintaining its bullish momentum, provided it conquers the immediate resistance.