Key Takeaways
- Bittensor (TAO) breaks a key hurdle, with price action hinting at a potential 20% rally on the horizon.
- TAO led the crypto market with a 32% price uptick, driven by Grayscale’s TAO Trust Form 10 filing, a broad market rebound, and a bullish breakout.
- Investors and traders are showing strong interest in TAO, as trading volume surged 170% over the past 24 hours.
After the historic crypto crash on Friday, Bittensor (TAO) posted a strong 32% gain, not only recovering the losses it incurred during the crash but also opening the door for a further rally. Data from TradingView also reveals that TAO’s upside momentum has now surpassed the losses it faced during the market crash.
Bittensor (TAO) Current Price and Rising Volume
Today, with a 32% rally, TAO crossed the $400 mark and is currently trading at $415, according to CoinMarketCap data. The asset’s upside momentum appears to be supported by increased investor and trader participation, as reflected in its trading volume, which has surged 170% to $635 million over the past 24 hours.
Technical Outlook: TAO Could Rally 20%
From a technical standpoint, TAO appears bullish and is poised to continue its upward momentum. On the daily chart, today’s price uptick has broken multiple resistance levels, ranging from horizontal levels to the descending trendline, which had previously constrained TAO’s upside momentum.
Following the breakout, TAO’s bullish outlook has strengthened. Based on the current price action, if the upside momentum continues and TAO closes a daily candle above the $415 level, it could see another price surge of 20% and potentially reach the $500 mark.
On the other hand, if the momentum fails and TAO forms a bearish candlestick pattern at the descending trendline, there is a strong possibility that history could repeat, and the asset may see a price decline of 25%, potentially reaching the key support level of $300.
At press, the asset is trading above the 200-day Exponential Moving Average (EMA), indicating an overall upside trend. However, its Average Directional Index (ADX) has reached 23, below the key threshold of 25, indicating that TAO’s directional momentum is weakening.
Why is the TAO Price Rising?
The key catalysts driving TAO’s upward momentum appear to be Grayscale’s recent filing of Form 10 for the Bittensor Trust, the market-wide recovery, and a bullish breakout.
Recently, the asset management giant, Grayscale Investments, shared a post on X announcing that it has officially filed a Form 10 with the U.S. Securities and Exchange Commission (SEC) for its Bittensor Trust (TAO). This marks the company’s first step toward becoming an SEC-reporting company.
If approved, TAO will join Grayscale’s trust circle alongside Bitcoin and Ethereum, boosting liquidity and transparency while strengthening investor confidence.
In fact, this move brings TAO one step closer to becoming an Exchange-Traded Product (ETP), which would greatly expand its accessibility to a broader range of investors, including both retail and institutional participants.
Besides the Form 10 filing, another factor supporting TAO’s upward momentum is the market-wide recovery. According to CoinMarketCap data, the overall crypto market is up 3.50% today, while major assets like Bitcoin (BTC) and Ethereum (ETH) have gained 2.55% and 7.95%, respectively, over the past 24 hours.
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