Bittensor Soars 22%: Is a Full Breakout in Motion or Just a Quick Spike?

• Bittensor price jumps 22%, now trading at $532.
• TAO’s daily trading volume spikes by over 116%.

A brief spike within the crypto market has injected some bullish sentiment across the assets, with a few still in red. Meanwhile, the latest assets, like Bitcoin (BTC) and Ethereum (ETH) are trading at around $110.1K and $3.8K. Among the altcoins, Bittensor (TAO) has secured a trending spot, gaining momentum. It has registered a solid surge of over 22.31%. 

The asset opened the day trading at around $431, and with the bulls initiating to take control of the price action, it went to a high range toward $536.88. Significantly, TAO’s crucial resistance levels between $432.38 and $535.66 have been tested to confirm the bulls, as per CoinMarketCap data. 

At the time of writing, Bittensor traded at around $532.04, with the market reaching $5.35 billion. In addition, the daily trading volume has exploded by over 116.63% to $975.1 million. During the last 24 hours, the Coinglass data has reported that the market has experienced a liquidation of $3.69 million worth of TAO.

Will Bittensor’s Bulls Keep the Rally Alive?

Bittensor’s Moving Average Convergence Divergence (MACD) line has moved above the signal line, seen as a bullish crossover. The momentum is shifting in favor of buyers, and is gearing up for a potential uptrend. Besides, the Chaikin Money Flow (CMF) at 0.26 indicates strong buying pressure in the TAO market. The capital is flowing into the asset, showing accumulation and potential continuation of an uptrend.

The four-hour trading chart of Bittensor shows an active upside correction, with the price climbing to the $537 resistance. A continuous upside correction might trigger the emergence of the golden cross, pushing the asset’s price to a high of $542. If the downtrend emerges, the asset’s price could fall toward the immediate support level at around $527. If the Bittensor bears gain enough strength, it may initiate the death cross to take place, sending the price below $522.  

Moreover, the Bull Bear Power (BBP) reading of TAO at 119.3 implies that the bulls are currently stronger, indicating buying pressure in the market. It is showing an early breakout phase. Bittensor’s daily Relative Strength Index (RSI) at 74.75 signals the asset is in overbought territory. Also, pushing the price up, with the strong bullish momentum, but there is a risk of exhaustion.

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