Bittensor Price Breaks Silence With An 18% Rise: Eyeing $500

20 sept

Bittensor Price Breaks Silence With An 18% Rise: Eyeing $500 Next?
Bittensor price has made an explosive move after breaking out of a three month consolidation.
The heightened investor sentiments have pushed nearly 18% in the last couple of months, with a potential short term target of $500.

Following the recent Fed Rate cut, Bitcoin as well as several altcoins are making an upward trajectory amid improved sentiments. Bitcoin is approaching towards a major 64K mark. It has ignited a fresh wave of speculation in the market.

In the list of gainers, Bittensor seems to be one step ahead of all. The crypto has broken out of a long three month consolidation and has rewarded their investors with impressive gains. TAO price is on a 5 day gaining streak and has been a standout performer this week.

Along with an 18% rise in the last couple of sessions, Bittensor price has surged over 45% in the last five sessions. Let's examine the factors contributing to the price hike along with anticipating further possibilities in the asset price.
Derivatives Traders Leading The Charge
Bittensor price had been in a consolidation phase since June which the price has recently broken out of. The bulls were in domination near the $213 level whereas the bears had established themselves near the $360 level acting as a supply zone.

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In tandem with price surge, the derivatives traders have also positioned themselves in order to take advantage of the price rise. As per sentiment, the Open interest contracts have surged from $288 Million to $416 Million in the last week indicating a 44% jump in the OI data.

A strong surge in the open interest data indicates the derivatives traders and speculators aggressively betting on the long side which indicates further potential in TAO price.

Moreover, the volume analysis shows that the transaction volume has surged from $59 Million a day to $193 Million a day indicating a heightened demand. The volume to market cap ratio at 6.2% suggests mild volatility.
Can Bittensor Claim $500 This Week?
At the time of writing, Bittensor price was exchanging hands close to $423.17 recording an impressive intraday rise of 13.1%. Along with the intraday surge, TAO has validated a breakout of a long three month consolidation phase.

Earlier, the TAO price suffered rejection from higher levels in mid May and dropped. The price completed a 4-month cycle in the correction and consolidation phase which now seems to have ended.

The bulls are leading the trend at the moment which could keep fueling the price higher in the short term. On the higher side, a straight gain till the next psychological $500 level is anticipated by the analysts.

Also, the recent resistance of $360 level has been flipped and may offer support to TAO price if a pullback is observed on the charts. TAO has also surpassed the key 20 and 50 day Exponential moving averages flipping them into a dynamic support.

Moreover, Both the MACD line as well as the signal line were placed above the zero line indicating a positive outlook ahead. A golden crossover along with divergence between both lines indicates a further advancement in TAO price.