News View Non-AMP

TAO Price Poised for 46% Surge, Key Levels to Watch

Published by
Chandan Gupta

In the ongoing market recovery, TAO, the native token of Bittensor, appears bullish and is poised for a massive upside rally due to its strong price action. With two big green candles, TAO has recently broken out of a strong descending trendline that it has been facing since the beginning of December 2024.

TAO Price Action and Upcoming Level

Following the breakout, TAO appears to be transitioning from its prolonged bearish trend into a bullish phase. However, before this shift fully occurs, the asset is facing mild resistance from the 200 Exponential Moving Average (EMA) and the horizontal level at the $475 mark.

Based on historical price momentum, if TAO breaches this hurdle and closes a daily candle above the $490 level, it could soar by 46% to reach the $720 level in the future.

However, the asset’s Average Directional Index (ADX) currently stands at 21 and appears to be declining, suggesting that TAO lacks strong momentum, making it difficult for the asset to sustain its rally.

$4.52 Million Worth TAO Dumps onto Exchanges

Despite these bullish price movements, long-term holders have been offloading the asset, as revealed by the on-chain analytics firm Coinglass. Data from spot inflow/outflow shows that exchanges have witnessed an inflow of $4.52 million worth of TAO tokens during the recent upside momentum, indicating a potential sell-off.

Such inflows into exchanges can create selling pressure and lead to a price drop. However, the sentiment and market structure are different in this case, which could pose a challenge for the asset to rally in the coming days.

Rising Open Interest

Whereas, TAO’s Open Interest (OI) has soared by 27% in the past 24 hours, indicating traders’ strong interest and confidence in the asset. 

At press time, the over-leveraged level is $435.9 on the lower side where bulls have held $7.71 million worth of long positions, while $473 on the upper side, where bears have held $5.05 million worth of short positions. This liquidation level clearly defines that the bull is the one who is currently dominating the asset.

Chandan Gupta

Chandan Gupta is a crypto analyst and news writer at CoinPedia. He specializes in market analysis using on-chain metrics and industry insights to forecast market trends. With over four years of trading experience, Chandan simplifies complex concepts in technical and on-chain analysis, making them easy to understand. At CoinPedia, he leverages his expertise to identify and present emerging opportunities in the cryptocurrency space

Recent Posts

Pi Network 2025 Year-End Price Prediction

The Pi Network price charts are showing signs of brewing tension, with the price moving…

June 1, 2025

XRP Price News: Key Levels to Watch This Week

The cryptocurrency market continues to keep traders on edge, and XRP is no exception. Let’s…

June 1, 2025

Ethereum Flips Bullish While Shiba Inu Prepares for Next Leg Up; Experts Consider This AI-Driven Asset Manager as the Future of DeFi

The Ethereum price soared over 5% this week and surpassed $2,700, while the Shiba Inu…

May 31, 2025

Analysts Forecast Uptrend For Tron: Can the AI Investment Platform, Unilabs, Outshine Solana This Year

While the Tron price is trading at $0.27, top analyst Lennaert has forecasted a breakout…

May 31, 2025

Can $1,500 Turn into $100K? Comparing Ruvi AI (RUVI) and Ethereum’s (ETH) Potential for Explosive Gains

For investors navigating the dynamic world of cryptocurrency, the promise of transforming modest investments into…

May 31, 2025

While Trump’s Meme Coin Dinner Raises Red Flags, Graphite Network Builds for Transparency Over Favoritism

U.S. President Donald Trump held a black-tie dinner at his Virginia golf club for 25…

May 31, 2025