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- TAO rises 7.17% to $372, with trading volume surging 101.29% to $161.26M in the last 24 hours.
- After a 30% price drop, TAO may target $500, $1,000, or even $3,000, showing strong future potential.
- RSI at 69.19 suggests strong bullish pressure, while the MACD confirms a continuing upward trend in the market.
Bittensor (TAO) is currently trading at $372, and the token has gained 7.17% over the past day. TAO has also recorded a significant surge in trading volume to a high of $161.26 million, 101.29% higher as compared to the preceding 24 hours. TAO has boosted by 7.98%, which is a good upward trend in a dynamic market over seven days. These developments are followed closely by investors.
Source: CoinMarketCap
TAO Strong Buy Below $340, with $3,000 Potential
Crypto analyst Crypto Patel highlighted that the token could be purchased at less than $340. He has price targets of $500, $1,000, and maybe even $3,000. Patel analyzes this after the recent retracement of TAO, which resulted in a near 30% decrease in price. He believes that this is one way that investors can get more TAO tokens at a lower cost.
Analysts also noted that investors who did not buy in the $450 area probably cashed profits. He identifies a favorable re-accumulation area for re-entry within the range of $340 to $300. Any dips in this range, he feels, provide a buying point with a high future growth potential. Patel is optimistic about the future of TAO, with a target of $500, $1,000, and even more.
Source: X
Market Confidence Grows with 74.64% Volume Surge
According to CoinGlass data, the TAO volume increased by 74.64% to reach $331.63 million. The open interest, which indicates confidence in the market, has risen to 6.76% to make it stand at $312.04 million. The TAO OI-Weighted Funding Rate is standing at 0.0046%. Such indicators indicate a high level of investor attention, which is also likely to lead to an upward trend.
Source: CoinGlass
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RSI Near Overbought, MACD Confirms Strong Bullish Momentum
The Relative Strength Index is 69.19. This shows intense bullish pressure, yet it is getting close to the overbought mark of 70. When the RSI approaches this level, there may be a short-term risk of a pullback or consolidation. Nevertheless, the general tone of the market is positive.
The Moving Average Convergence Divergence (MACD) also confirms a bullish sentiment. The MACD line is at 5.69 and far above the signal line at 0.12. This is an indication that the uptrend is solid. The widening lines on the MACD histogram show that the markets are still under the control of buyers.
Source: TradingView
TAO has positive RSI and MACD levels and looks ready to expand further. Investors should monitor important technical indicators when navigating the market. As long as the upward strength can be maintained, TAO may attain new highs over the next few months.
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