#bittensor (TAO) has recently experienced strong upward momentum, pushing its price above the $600 mark.
This ongoing rally follows a breakout from a bullish pattern that has been developing for three months since mid-September. TAO is now approaching the confirmation of this pattern, with potential for further gains ahead.
Bittensor Has Strong Market Support
The market sentiment around Bittensor is extremely positive, as shown by a sharp increase in open interest over the last 24 hours. Open interest, which measures the total value of all open futures contracts, has reached an all-time high of $180 million. This influx of traders signals strong confidence in TAO’s price potential, as more market participants are betting on the asset’s continued growth.
A rise in open interest is usually seen as a #BullishIndicator . With capital flowing into TAO futures contracts, it seems the market believes that the rally is far from over. This increased interest could help maintain the upward momentum, pushing the price higher and further validating the bullish pattern.
From a macro perspective, Bittensor’s technical indicators suggest that the rally could continue. The Relative Strength Index (RSI), used to measure the strength of price trends, remains in bullish territory. While the RSI previously entered overbought levels, surpassing 70.0 in September, it has since cooled off slightly but remains well above neutral levels.
This positioning indicates that, although some buying pressure has eased, #BullishMomentum remains intact. Current RSI readings suggest that TAO still has room for further gains, reinforcing the broader market sentiment that price growth could continue.
TAO Price Prediction: More Gains Ahead?
TAO is currently trading at $554, approaching a target of $642 set by the bullish ascending triangle pattern that has formed over the past four months. This pattern suggests a potential 79% price increase after the breakout, bringing TAO closer to its target.
A combination of strong market sentiment and technical indicators supports this bullish outlook. If TAO can break through the $642 resistance level and maintain support at $600, the rally is likely to continue, further confirming the bullish case.
However, failure to break this key resistance could trigger profit-taking among investors. In that scenario, $TAO could see a pullback to $492. If this support level is lost, the bullish outlook would be invalidated, and the price could drop further to $418.
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