#اخبار_الكريبتو_العاجلة #عملات_رقمية #اقتصاد_رقمي #wct $TAO
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Bittensor's price surged by over 34% to reach $419.
The daily trading volume of TAO saw a massive increase of 136%.
A 5.18% rebound boosted investor confidence in the cryptocurrency market. Most assets have regained their recent highs and entered the green zone. Meanwhile, Bitcoin (BTC), Ethereum (ETH), and Bittensor (TAO) have secured prominent positions among trending coins, gaining momentum. The TAO coin recorded a rise of 34.63%.
The opening price of Bittensor was $311.71, which is its lowest level for the day. As the rise began, the asset price increased towards the $423.66 range. Notably, the critical resistance levels for TAO, which range between $311.85 and $423.50, have been tested to bolster investor confidence. Further gains may help enhance investor confidence.
At the time of writing this report, the price of Bittensor was trading at around $419.05, with its market value stabilizing at approximately $4.30 billion. The daily trading volume of the asset has also risen by over 136%, reaching $591.06 million. Coinglass data shows that the market has experienced a liquidation of $1.94 million from TAO in the past twenty-four hours.
Can the bulls push the Bittensor stock to new heights?
The technical analysis of Bittensor indicates that the Moving Average Convergence Divergence (MACD) line is stable above the signal line, suggesting bullish momentum. The asset price is rising, and buyers are currently stronger than sellers. Furthermore, the Chaikin Money Flow (CMF) indicator, stable at 0.25, indicates slight buying pressure in the TAO market. Since the value is positive, it shows accumulation, meaning more funds are flowing into the asset, but not at a strong pace.
TAO chart (Source: TradingView)
The Bittensor price chart over four hours shows an active upward correction, with the potential to rise to the $427 range. The ongoing upward correction may trigger the formation of a golden cross pattern. Bulls may push the asset price to a peak at $435.
Assuming a downward trend emerges, the asset price may slip immediately towards the nearby support level at around $411. If the Bittensor bears gain further strength, along with the downward correction, a death cross pattern may form, pushing the price below $403 or even lower.
TAO chart (Source: TradingView)
Moreover, the Bull and Bear Power (BBP) indicator reading for TAO at 107.4 indicates strong bullish dominance. Buying pressure is stronger than selling pressure, and the price may continue its upward trend if momentum persists. The daily relative strength index for Bittensor stock is at 70.25, indicating it is in the overbought territory. Notably, a pullback or stabilization in price may occur soon with strong bullish momentum.
