The cryptocurrency TAO (Bittensor) has been on a strong upward trend in recent days, and according to analysts, its rally may be far from over. Technical indicators and market data suggest that the price could climb another 30% in the short term.
📈 TAO Gains Momentum — and Isn’t Slowing Down
On April 28, TAO reached an intraday high of $388 before cooling slightly to around $372. That’s an 18% gain in just one week and a stunning 120% increase from this month’s low.
Meanwhile, the market cap has exploded — jumping from $1.95 billion to over $4.32 billion.
💹 Trading Activity Surges
As of April 29 (Asia morning hours), TAO's daily trading volume had risen to over $208 million, an 87% increase from the previous day.
This follows a sharp rise in open interest, which hit a three-month high of $258 million on April 25 — up from about $155 million just a month earlier.
Such a combination of price and open interest growth is widely seen as a bullish signal.
📊 Traders Are Betting on the Upside
Funding rates have flipped back into positive territory, showing that traders are willing to pay a premium to hold long positions.
On Binance, the long/short ratio for the TAO/USDT pair is 1.14, indicating a clear bias toward price increases.
🧠 Grayscale Mention Rekindles Interest
The surge in TAO’s price appears to be tied to renewed attention after Grayscale mentioned its Bittensor Trust in a post on April 28.
Although the trust was originally established in August 2024, the recent mention reignited community interest.
Grayscale’s involvement adds a layer of institutional credibility to the project.
🌐 Community and Data Are Bullish
According to CoinMarketCap:
🔹 83% of traders expect short-term gains
🔹 TAO has maintained positive social sentiment for 12 consecutive days
🔹 Google Trends shows increasing search interest in TAO
Clearly, TAO is becoming a hot topic among both retail and institutional investors.
📉 Technicals Point to Strong Momentum
On the daily chart, TAO recently broke out of a multi-month falling wedge — a pattern widely seen as bullish.
It’s now moving within an ascending channel and approaching key resistance near $400.
📊 The Chaikin Money Flow indicator hit 0.13, signaling strong buying pressure.
✨ Golden Cross Signals More Gains
A golden cross just formed on the chart, where the 20-day EMA crossed above the 50-day EMA — another classic bullish sign.
The last time this occurred, TAO surged nearly 140% within a month.
🎯 Target: $485?
If current momentum continues, the next major resistance is around $485, which would represent a 30% gain from the current price.
Analyst Quinten called the breakout above $360 significant and believes that retesting it as support could pave the way for a new move higher.
#TAO , #bittensor , #CryptoNewss , #CryptoMarketMoves , #crypto
Stay one step ahead – follow our profile and stay informed about everything important in the world of cryptocurrencies!
Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“