- Open overvoltage and the Coinbase list have strengthened the momentum and confidence of Tao investors.
- Social volume and liquidations have shown strong market support for a continuous rise movement.
After having exploded from his descending corner chain, Bittensor (Tao) drew the attention of traders and analysts, while he continues to show an impressive upward movement.
At the time of the press, the token was negotiated at $ 450.87, reflecting a price increase of 18.92% in one day.
While Tao tests key resistance levels, the market is impatiently awaiting that it can maintain this ascending dynamic or cope with a period of consolidation.
Elevation of open interest: what does that mean?
The open interest (OI) for Tao increased by 30.81%, reaching $ 221.98 million. This thrust indicates that investors are more and more confident in the TAO potential for new gains.
When the OI increases, it points out that more capital takes place on the market, which can provide liquidity and contribute to a sustained increase dynamic.
How will the Coinbase list affect Tao?
Cornerbase announcement Listing TAO on the Bittensor network has aroused the excitation of the market. This announcement offers cryptocurrency greater visibility and increased access to investors, especially since Coinbase remains one of the greatest exchanges of cryptocurrency.
Consequently, the list could encourage more traders to participate, leading to a new upward dynamics.
Therefore, the Coinbase list could catalyze an even stronger rally at the price of Tao.
Is Tao ready to go up beyond $ 445?
Tao has not climbed and now tests the level of key resistance of $ 445.11. If he exceeds this resistance, the next main target is $ 455.
This price movement indicates a solid rise trend, with the potential for additional earnings in the coming weeks.
However, if Bittensor faces a setback and fails to erase this resistance, a brief phase of consolidation can follow before another attempt to break through.
Source: tradingView
Rising Social Dominance and Volume: A Haussier indicator?
Tao has also experienced a significant increase in social volume (SV) and social dominance (SD).
At the time of the drafting of this document, SV had reached 61, while SD for Tao was 0.296%, reflecting a strong increase in discussions and commitment around the medal.
This indicates the growth in investor interests, because SD is often correlated with the price movement.
In addition, this growing social buzz could be a key factor that helps to propel Tao ‘price even further in the coming weeks.
Source: Santiment
Tao liquidation: the feeling of change of market
Total liquidations for Tao show a favorable balance between long and short positions. Long positions are currently dominating, with liquidations at $ 517.03K for long positions, against $ 58.8K for short positions.
This indicates that market players expect the upward trend to persist. This change of feeling highlights growing confidence among traders, with little bet actively against the upward movement of Tao.
Source: Coringlass
Can Bittensor maintain his bullish momentum?
Bittensor managed to get out of his downward corner, and key measurements such as OI, SV and Coinbase listing all the points to a continuous momentum. If he erases the resistance of $ 445, he could soon go to higher targets.
However, any failure to break beyond this level could lead to a period of consolidation.
Therefore, Tao has a solid chance of maintaining his bullish momentum, provided that he can overcome the immediate resistance.
