Bittensor Experiences Surge Following TAO ETP Launch

Bittensor Experiences Surge Following TAO ETP Launch – Is a Move Toward $400 Imminent?

The recent debut of Safello’s TAO Exchange Traded Product (ETP) has significantly boosted Bittensor, contributing to a 31% increase in monthly trading volume, now reaching $10 billion. A strong bullish momentum suggests that TAO could be pushing toward the key resistance mark of $400, with increasing confidence from both retail and institutional investors.

Key Takeaways

The listing of Safello's TAO ETP has enhanced liquidity, leading to a 31% rise in monthly trading volume, now at $10 billion.
A bullish bounce on the stochastic Relative Strength Index (RSI), along with increasing volume and a significant liquidity cluster at $400, indicates potential upward movement.
As TAO experiences a price surge, the support from recent trading activity hints at solid momentum remaining in the market.

Bittensor's [TAO] has shown remarkable price action lately, especially following its listing on the SIX Swiss Exchange five days ago. This event has resulted in a notable increase in liquidity, drawing in a greater number of market participants. Since the ETP debuted, monthly trading volume has soared by 31%, which reflects a growing level of confidence among investors.

TAO trading volume Source: Token Terminal

Bittensor Experiences Surge Following TAO ETP Launch – Is a Move Toward $400 Imminent?

TAO Approaches the $305 Supply Zone

Recent measurements show that bullish momentum has persisted in the past 24 hours. Currently, TAO is nearing a significant supply zone at $305, bolstered by a 7% surge in daily prices. Historically, this zone has triggered multiple price reversals; however, there is renewed momentum suggesting that TAO bulls are gearing up for another breakout attempt.

The reaction of TAO’s price around this crucial level will be telling of its next big movement. Encouraging trading activity suggests that buyers remain active and committed. As long as TAO's price stays above nearby support levels, the short-term outlook remains favorable.

TAO price analysis Source: TradingView

Early Signs of a Bullish Trend

Moreover, TAO’s stochastic RSI has rebounded from an oversold condition, indicating renewed buying interest among investors looking for continuation in the rally. Should the bullish trend persist, TAO could breach the $305 mark, marking the next resistance milestone at $400.

Will TAO Gather Enough Momentum for a Higher Break?

Despite the optimistic indicators, Bittensor’s token needs a solid breakout from the current supply zone to ensure a sustained bullish trajectory. If TAO fails to surpass the $305 threshold, it may face short-term consolidation. Increased trading volume, however, implies that there are still active buyers in the market.

A notable liquidity cluster valued at $1.3 million around the $400 mark reinforces it as a significant target for upcoming trades. This anticipated push towards the liquidity cluster may provide the extra impetus needed for further price increases.

TAO liquidity heat maps Source: CoinGlass

Overall, the rising institutional interest driven by the new ETP and favorable momentum indicators suggest that TAO investors are poised for strategic actions. Whether TAO can clear the $305 supply zone or needs a retest will ultimately determine its journey toward breaking through the $400 resistance level.