Bittensor (TAO), a leading AI coin, has gained significant traction and is heading toward its all-time high region. As Web3 continues to evolve on blockchain technology, TAO crypto is set to outperform its peers in the AI space.
On Sep 20, the TAO price escaped the two-month consolidation phase and triggered a range breakout. Afterward, a significant surge of over 60% was noted in the last two weeks.
The price action strongly hinted that a move toward $600 is on the cards. Notably, a daily close above $600 would clear the path to revisit its ATH mark of $767 soon.
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Since the range breakout, the bulls were resurgent and drove prices upward to a significant level. This time, TAO crypto bulls have been challenged to overcome the 78.6% Fib resistance level, around the $600 mark.
Considering the recent surge, TAO investors were having a good time and continued accumulating higher.
Yesterday, the TAO price reverted from the 20-day EMA mark and formed a long, massive, bullish marubozu candlestick. This comprised a volume surge of over 80%.
This significant rebound hinted that buyers maintained their upper hand. They were all set to surpass the prompt $600 resistance in the coming sessions.
TAO Price Prediction: Will Bulls Succeed to Cross the $600 Level?
TAO’s daily chart outlook guides a bullish stance, comfortably resting above the key EMAs. It has outperformed for the last few sessions.
Amid the heightened volatility in the market, the TAO token continued to trade with the bullish sentiment. It recorded a massive surge of over 60% in the last two weeks.
Crypto Analyst @DaCryptoPirates, in his tweet, mentioned that the chart implied a bullish trend. Furthermore, the TAO price could surge toward the $1000 level in the following sessions.
At press time, TAO was trading at $556.13 with an intraday drop of over 1.20%. It boasted a market cap of $4.17 Billion and was positioned as the 23rd largest crypto.
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TAO Price by TheCoinRepublic on TradingView.com
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The Relative Strength Index (RSI) line stayed in the overbought zone. It displayed a positive crossover, replicating the positive outlook.
Moreover, significant liquidity was entering the market, as evidenced by the rising CMF value. At press time, it was around 0.10.
What Do Futures Market Data Say About TAO?
Looking at the futures market data, the open interest and the TAO price surge hinted that the bullish trend will likely persist. Over the past 24 hours, the OI surged over 20.49% to $184.61 Million. This signaled prolonged buildup activity.
With the TAO crypto price and OI surge, investors anticipated a $600 breakout in the short term.
Since Sep 22, the OI-weighted funding rate has remained positive. It highlighted the sustained demand for long positions. It was noted around 0.0151%.
Source: Coinglass
On the upside, the $600 mark was the make-or-break level for the next deciding trend. At the same time, the prompt support zone was $540 and $530 to keep an eye on.
