Bittensor (TAO) Gains Strength: Uptrend Continuation or a Short-Term Pop?

• Bittensor has gained over 7%, reaching $308.
• TAO’s trading volume has surged by over 74%.

Bittensor (TAO) has noticeably registered a 7.05% surge in value. The opening price of the asset was noted at $279.23, the lowest range of the day. Besides, with the bullish shift within the TAO market, the price rose to $319.84. Significantly, a few crucial resistance levels have been tested and broken to confirm the positive outlook. 

At press time, Bittensor traded at around $308.60, with the daily trading volume of the asset having exploded by over 74.73%, reaching the $747.93 million range. Notably, the Coinglass data shows that the market has witnessed a liquidation of $3.03 million worth of TAO in the last 24 hours.

The 4-hour chart of Bittensor exhibits a current upside move, with the price climbing to the $313.72 resistance range. With a sturdy pressure on the upside, the golden cross may form, and the bulls could push the asset’s price up to a high of around $318.45. 

If a downtrend emerges for TAO momentum, the price could immediately retrace toward the support level at $303.21. Assuming the bears gain more traction, the death cross might emerge, eventually, leading the asset’s price below $298.26 or even lower.  

Can Bittensor Bulls Push the Momentum Higher?

Bittensor’s technical analysis reveals that the Moving Average Convergence Divergence (MACD) line is above the signal line, and both are above the zero line. It indicates a strong bullish sign. The trend is moving upward with solid momentum, and this supports a continued uptrend.

(Source: TradingView)

Besides, the Chaikin Money Flow (CMF) indicator stationed at 0.06 suggests mild buying pressure in the TAO market. Also, the capital is flowing into the asset, with the buyers having a small edge. It is not strong, but there is some accumulation happening. 

The daily Relative Strength Index (RSI) at 62.52 implies the market is clearly leaning bullish. The buyers are in control, and the price has been moving up with steady momentum, but it is not overheated. There is still room for the upside to continue, though if it pushes closer to 70. 

TAO’s Bull Bear Power (BBP) reading of 31.5 shows strong bullish dominance, which pushes the price above its average level. Notably, this reflects real strength in the trend, though if it keeps rising fast, short pullbacks can still happen.

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