Bittensor (TAO) Targets $330 After Breaking the $290 Resistance Zone

Bittensor (TAO) is currently trading at $295, reflecting a 3.96% rise in the past 24 hours. The market is showing strong participation, with trading volume climbing 48.6% to reach $219.86 million. This increase signals heightened interest from traders and suggests that bullish momentum is building.

TAO has been doing exceptionally well the last week. The token has surged by 9.14%, indicating sustained support even as the rest of the market experiences some selling pressure. This gradual increase demonstrates a building of confidence in the asset and more signals for higher highs in the short term.

Source: CoinMarketCap

TAO Faces Major Resistance Ahead

Crypto analyst Karamata highlighted that TAO has already surpassed the resistance area of above 290. He asserted that the wider $290–$748 framework has been around for over a year. He also stated that TAO can only establish a new all-time high if it breaks old ranges quickly. He also said that the following challenge lies between $355 and $360.

Source: X

Additionally, another analyst, Jolly Green, has mentioned that TAO is close to touching the upper limit of a climbing triangle. He said that the trend was an indication of a possible breakout attempt. He indicated short-term objectives of $330 and $370. He mentioned that the trend is to be tracked step-by-step as cryptocurrency ascends.

Source: X

Also Read: Bittensor (TAO) Tests $295 as Bulls and Bears Battle for Trend Control

Bullish Signals Rise in TAO’s Technical and Derivatives Data

There are also improvements in momentum signals. The MACD line is 10.1, which is higher than the signal line at 4.4. the histogram stands at 5.7, with the upward bullish momentum. The crossover represents an increase in buyer pressure on the daily chart.

Source: TradingView

According to CoinGlass data, the trading volume has increased by 32.51% to $526.84 million. Open Interest is up 5.53% to $215.47 million, suggesting increasing leveraged exposure. The OI-Weighted Funding Rate stands at 0.0046%, which suggests a little positive sentiment.

Source: CoinGlass

The last 24 hours have seen the activity of liquidation data. Total liquidations were $479.62K. the total longs were $141.20K, and short positions were $338.42K, that would exert more pressure on traders placed against the move.

Source: CoinGlass

TAO is up in trading support from volume, derivatives flow, and technicals now. Analysts are still paying attention to how the token responds to its next resistance levels. The current trend is growing but may lose momentum as the token tries to pull out of a wave break.

Also Read: Ethena (ENA) Slides to $0.22: Can Bulls Drive Price Up $0.90?