- Tao recovered from $ 411 to $ 472 and won 13.16% in 24 hours because the volume rose 122% to $ 588 million.
- If bull Momentum, Tao could reclaim $ 500; Otherwise a pullback to $ 403 can follow support.
After following an increase in an increase to $ 488 a week ago, Bittensor [TAO] has successfully defended and restored $ 400 support. On the past day, Tao rose from a local low of $ 411 to a high point of $ 474.
At the time of the press, Tao traded for the past 24 hours at $ 472.2 – 13.16%. The volume rose by 122% to $ 588 million.
The rising prices in the midst of a higher volume usually suggest a strong demand for an active one. In this case, Bittensor experiences a considerable question for the participants.
Due to the recently witnessed demand, buyers let the market dominate.
Source: Coinalyze
In a 24-hour period, when we look at the Delta order, it suggested More buy orders have been carried out instead of selling.
The Delta was on a positive zone at 3.89k with purchase volume at 32k while the sales volume is at 28.19k. A positive imbalance suggests that buyers have entered the market and taken over.
It is clear that market participants have intervened to absorb the supply and push prices higher.
As such, the derivatives markets of Tao are getting higher and higher and most investors are bullish.
Futures Market sees momentum overflow
Source: Coinglass
This is proven by the increase in Open Interest (OI).
According to the Coinglass data, the OI of Bittensor rose by 20.59% on the last day and achieved $ 260.8 million – proof of fresh capital in long positions.
At the same time, when we look at the financing percentages collected by fairs, it has kept it positive for the past two days.
When OI climbs in addition to positive financing percentages, this often indicates trend beliefs, not only in the short term noise.
Source: Santiment
Bittensor’s emerging ‘Golden Cross’
Source: TradingView
Technically, Tao flashed more bullish signals.
The EMA 50 moved sharply and now wipes against the EMA 200. If the benefit continues and the 50 EMA turns the long -term advancing averages, this will signal the continuation of the upward trend.
Historically, the move preceded higher prices because buyers take over control over the market.
Therefore, if the upward trend continues here with the Golden Cross -we will make Tao more profit. TAO $ 500 will reclaim a constant upward price promotion of the current levels.
However, if bulls do not hold and the market and sellers take it again, a correction will take place and Bittensor will withdraw to $ 403 support.
Credit : ambcrypto.com
