TAO’s price has been on a strong run lately after breaking out of some key bullish patterns, and analysts think it could still climb another 30% from here.
Bittensor (TAO) jumped 12% to hit an intraday high of $388 on April 28 before cooling down a bit to around $372 by press time. That’s an 18% gain over the past week, and it’s now up a massive 120% from its monthly low. Its market cap has also exploded, sitting at over $4.32 billion, way up from around $1.95 billion at the start of April.
As of April 29, morning Asian time, its daily trading volume was 87% higher than the previous day at over $208 million, indicating a rise in trading activity.
The surge followed a sharp increase in futures open interest in recent days, which hit a 3-month high of $258 million on April 25, way up from about $155 million just a month ago, per data from CoinGlass. The simultaneous rise in price and open interest typically signals strengthening bullish sentiment.
On top of that, funding rates have flipped positive again, showing that traders are willing to pay a premium to stay long. Right now, the long/short ratio for TAO/USDT on Binance is sitting at 1.14, meaning more traders are betting on the price going up rather than down. A ratio above 1 generally signals a bullish bias.
TAO’s recent price surge appears tied to renewed attention after Grayscale spotlighted its Bittensor Trust in an April 28 X post. Although the trust launched back in August 2024, the announcement has reignited interest within the TAO community.
As one of the most prominent names in crypto asset management, Grayscale’s involvement adds institutional credibility.
Meanwhile, the crypto community appears bullish on TAO. CoinMarketCap’s data shows that 83% of traders are expecting short-term gains, and TAO has stayed in positive social sentiment territory for 12 straight days. It’s even trending on Google as more investors and traders catch onto the hype.
TAO price analysis
On the 1-day USDT chart, TAO recently broke out of a multi-month falling wedge pattern, a setup often considered bullish in technical analysis. When price breaks above the upper trendline of this pattern, it typically signals the continuation of an upward trend.
Currently, TAO is moving within an ascending channel and is approaching key resistance near the $400 level. Based on the chart structure, it appears poised to test and possibly break through this level soon.
Adding to the bullish case, the Chaikin Money Flow has climbed to 0.13, suggesting increased buying pressure. If this upward momentum continues, TAO’s price could see further gains in the short term.
Additionally, a golden cross has just formed on the daily chart, where the 20-day EMA (blue) has crossed above the 50-day EMA (green). This is generally viewed as a bullish signal. The last time this crossover occurred, TAO surged nearly 140% within a month.
If the current setup follows a similar path, TAO could potentially breach the $485 resistance level, which his up nearly 30% from its current price, in the coming weeks.
Analysts remain optimistic that the current momentum could extend further, and some are already eyeing higher targets. According to analyst Quinten, TAO’s recent breakout above $360 is significant, and a retest of that level as support could pave the way for a move toward the $485 target.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
