bullish

Bittensor

Grow

Million

Reversal

Bittensor price noted a strong bounce-back from the monthly lows surging nearly 40% through the week. The recent surge in the price hints at the formation of bottoming out and breakout of a correction phase. TAO had been in a correction phase since hitting an all time high in April 2024. 
Despite gaining an impressive 40% intraweek, the long trend still awaits a bullish reversal above the $360 level. As of now, Bittensor was exchanging hands at aroinid $305, recording a nearly 3.2% rise intraday. 
Also, the on-chain metrics noted a significant change in the recent sessions, indicating a continuation in the price. TAO is an open source, decentralized blockchain protocol. It has a live market capitalization of $2.19 Billion and ranks 34th in the cryptoverse.&nbsp; 
<h2 class="wp-block-heading" id="h-open-interest-contracts-grow-by-40-a-week">Open Interest Contracts Grow by 40% a Week</h2> 
In Tandem with a rise in Bittensor price in the last one week, there has been a notable development in the Open Interest contracts as per the analysts. As per analysts, the Open Interest contracts have surged 40% over the week highlighting high investor confidence. <iframe loading="lazy" title="Santiment Chart: Total Open Interest in USD (TAO), Price (TAO)" width="800" height="425" src="https://embed.santiment.net/chart?ps=bittensor&amp;pt=TAO&amp;df=2024-07-10T18%3A30%3A01.006Z&amp;dt=2024-08-11T18%3A29%3A59.006Z&amp;emcg=1&amp;emhwm=1&amp;wm=total_open_interest%3Bprice_usd&amp;wax=0%3B1&amp;wc=%23FF5B5B%3B%2326C953&amp;ws=%7B%22node%22%3A%22area%22%7D%3B" scrolling="no"></iframe> 
The OI data has surged from $18 Million to $32 Million a week, rising nearly 12 Million. A 40% jump in the inflow highlights improved investor confidence. As of now, the volume to market cap ratio was 2.54%, suggesting low volatility. 
The transaction volume increased by 2.52% intraday to $58.78 Million, indicating a rise in demand. Out of a total supply of 21 Million TAOs, nearly 34.3% i.e. 7.2 Million tokens are currently in circulation. 
<h2 class="wp-block-heading" id="h-is-bittensor-tao-ready-for-a-bullish-reversal">Is Bittensor (TAO) Ready for a Bullish Reversal</h2> 
The daily chart highlights a strong recovery from the monthly lows, creating a double bottom pattern. A bullish breakout would be confirmed if the price manages to surpass the neckline of the double bottom pattern at $359.  
<a href="https://in.tradingview.com/chart/TAOUSD/NNOXNh8u-Will-a-12-Million-Influx-Spark-a-Bullish-Reversal-for-Bittensor/"> </a> &nbsp; <a href="https://in.tradingview.com/u/Ritika_TCR/"> </a>&nbsp; <a href="https://in.tradingview.com/"> </a>  
However, until the <a href="https://www.thecoinrepublic.com/price-prediction/bittensor/">TAO</a> sustains below the neckline of $359, it may remain in a correction phase. From a technical standpoint, Tao surpassed the 20 days and 50 day EMAs, indicating a bullish outlook in the short term. However, the bulls need to conquer the 200 day EMA to make a reversal. 
At the time of writing, the RSI line was placed at 50.4 points and that of the 14 day SMA line was placed at 44.60 points. Moreover a bullish crossover between both the lines was observed, indicating a recovery in the crypto.&nbsp; 
Bittensor price surged nearly 40% over the week, hinting at a potential breakout from its correction phase. Despite this rise, a bullish reversal would be confirmed above the $360 level. Currently trading at around $305, Bittensor saw a 3.2% intraday increase. Open Interest contracts rose 40% to $32 Million, indicating an increase in investor confidence.&nbsp; 
Moreover, the daily chart shows a double bottom pattern, with a bullish breakout above the $359 mark. TAO has surpassed the 20 and 50-day EMAs, but needs to conquer the 200-day EMA for a reversal. RSI and SMA lines indicate a recovery trend. 
The post <a href="https://www.thecoinrepublic.com/2024/08/11/will-a-12-million-influx-spark-a-bullish-reversal-for-bittensor-price/">Will a $12 Million Influx Spark A Bullish Reversal For Bittensor Price?</a> appeared first on <a href="https://www.thecoinrepublic.com">The Coin Republic</a>.

Will a $12 Million Influx Spark A Bullish Reversal For Bittensor Price?

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