- In a miraculous twist of fate, TAO has rebounded from the depths of $411 to a dazzling $472, gaining a staggering 13.16% in just 24 hours, as if the market itself had decided to throw a party with a 122% volume jump to $588 million! 🎉
- Should the bullish brigade maintain their momentum, TAO might just reclaim the illustrious $500; otherwise, prepare for a dramatic plunge back to the $403 support, like a soap opera plot twist! 📉
After a brief retreat following a flirtation with $488 last week, our dear Bittensor [TAO] has valiantly defended the $400 support, bouncing back like a rubber ball. In the past day, TAO has soared from a local low of $411 to a high of $474, as if it were auditioning for a role in a high-flying drama!
As of the latest gossip, TAO is trading at $472.2—up 13.16% over the past 24 hours. Volume has surged by 122% to a whopping $588 million, making it the talk of the town! 🏙️
Rising prices amidst such a volume spike usually suggest a ravenous demand for this asset. In this case, Bittensor is experiencing a veritable stampede of interest among participants, as buyers have taken the reins of the market like a herd of enthusiastic cattle! 🐄
On a 24-hour timeline, the Order Delta reveals a delightful secret: more buy orders have been executed than sell ones, as if the buyers have decided to throw a grand feast while the sellers are left outside, peering in! 🍽️
The Delta is sitting pretty in the positive zone at 3.89k, with buy volume at 32k while sell volume languishes at 28.19k. This positive imbalance suggests that buyers have stormed the market like a band of merry marauders! ⚔️
Clearly, market participants have stepped in to absorb supply and push prices higher, as if they were trying to lift a heavy weight at the gym, grunting and sweating all the while! 💪
As such, TAO’s derivatives markets are increasingly high, and most investors are feeling bullish, like a flock of roosters crowing at dawn! 🐓
Futures market sees momentum spillover
This is evidenced by the surge in Open Interest (OI), which has risen like a loaf of bread in a warm oven.
According to the wise sages at CoinGlass, Bittensor’s OI has risen by 20.59% in the last day, reaching $260.8 million—proof that fresh capital is entering long positions like eager tourists at a buffet! 🍽️
Meanwhile, the Funding Rates aggregated by exchanges have held positive over the past two days, as if the market is giving a thumbs-up to the bulls! 👍
When OI climbs alongside positive Funding Rates, it often signals trend conviction, not just the fleeting whispers of short-term noise, like a persistent echo in a quiet room.
Bittensor’s emerging ‘golden cross’
Technically speaking, TAO has flashed more bullish signals than a traffic cop at a busy intersection!
The EMA 50 has moved sharply and is now brushing against the EMA 200, like two old friends catching up after years apart. If the upside continues and the 50 EMA flips the long-term moving averages, it will signal the continuation of the uptrend, much to the delight of the buyers! 🎈
Historically, this move has preceded higher prices as buyers take control of the market, like a determined captain steering a ship through stormy seas.
Therefore, if the uptrend continues with the Golden Cross emerging, we will see TAO make more gains, soaring to heights previously thought unattainable. A continued upward price action from the current levels will see TAO reclaim the coveted $500! 🏆
However, if the bulls fail to hold their ground and the market is retaken by sellers, a correction will occur, and Bittensor will pull back to the $403 support, like a sad puppy returning to its kennel. 🐶
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2025-05-23 05:19