- Bittensor’s (TAO) Open Interest hit an all-time high, with positive sentiment climbing too
In the last 30 days, TAO has gained by more than 130%
As a seasoned analyst with a decade of experience in the crypto market, I’ve seen my fair share of altcoins surge and crash like waves in a stormy sea. However, Bittensor (TAO) seems to be riding a different wave entirely, outperforming even Bitcoin in recent days.
In the past 24 hours, Bittensor’s Token (TAO) has surpassed Bitcoin (BTC) and other cryptocurrencies, recording a 13% increase. Interestingly, TAO has also been one of the top performers over the last month, experiencing a significant growth of more than 130%.
As reported by Artemis, the AI-focused cryptocurrency sector has dominated the market during the past month, boasting a collective increase of approximately 37%.
In just one month, the total market capitalization for AI & Big Data cryptos has risen from $26 billion to $35 billion, as per CoinMarketCap. This growth has stirred gains for TAO, which is the second-largest AI crypto with a $4 billion market cap.
Open Interest hits an all-time high
Based on data from Coinglass, the Open Interest for Bittensor reached a record peak of $189 million. Since September 5th, this figure has significantly increased over threefold, starting from $50 million.
A hike in Open Interest indicates that more traders are opening and maintaining their positions on TAO.
As Open Interest rises together with the price, it’s a sign that more capital is being invested in TAO. This suggests a prolonged increase in its value and indicates that potential growth might continue to unfold.
Apart from Open Interest, the data on TAO also indicated a favorable opinion about the token, as it showed a positive sentiment. At the moment of reporting, the long/short ratio was equal to 1, demonstrating a balanced market perspective.
Additionally, it’s worth noting that around $800,000 worth of short positions were closed within a day, suggesting that the market has not been advantageous for those traders who were betting on a decrease in price.
TAO’s technical analysis
At the present moment, TAO‘s value stood at $590 per token. On the four-hour chart, the token demonstrated a strong, upward-slanting recovery pattern reminiscent of a ‘V’, which typically indicates that the bullish trend might persist.
At the current price point, it appears that TAO is attempting to overcome a significant barrier for further price increases. The increase in green bars on the volume histogram suggests that there’s a strong push from buyers trying to break through this resistance level.
Should TAO surpass its current resistance point, we anticipate the price could reach approximately $618. As of now, trading volume appears to be substantial, with the Chaikin Money Flow (CMF) standing at 0.21 and displaying a positive value. This trend suggests a potential breakout is likely.
Simultaneously, the Moving Average Convergence Divergence (MACD) line crossed over the Signal line, indicating a surge in bullish strength. Additionally, the green MACD histogram bars implied that the bulls might be dominating the market.
The positive sentiment around TAO is further evidenced by its funding rates, which have been positive since late September. This means that long traders are willing to pay a fee to short traders to maintain their positions.
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2024-10-06 05:11