TAO's Ascending Trajectory: Fuelled by Exchange Listing and Bullish Indicators Bittensor's native token, TAO, is experiencing a significant surge, driven by increased market participation and a series of bullish technical indicators. A recent ETP listing has dramatically boosted liquidity and trading volume, setting the stage for potential further gains.
Market Momentum and Liquidity Boost
The recent listing of a TAO Exchange Traded Product (ETP) on the SIX Swiss Exchange by Safello has been a pivotal factor in TAO's recent performance. This event has not only enhanced market liquidity but has also catalyzed a substantial increase in trading activity. Monthly trading volume for TAO has jumped by an impressive 31% to reach $10 billion, signaling robust confidence from both retail and institutional investors. This influx of capital and participation underscores a growing interest in Bittensor, positioning TAO for continued upward movement.
Bullish Signals and Key Resistance Levels
TAO's price action is currently challenging a critical supply zone around $305, having seen a 7% daily surge. While this level has historically triggered reversals, the renewed buying pressure suggests a strong attempt at a breakout. Supporting this bullish sentiment are technical indicators such as the stochastic RSI, which has bounced from an oversold region, mirroring a resurgence in buying interest. Should TAO successfully breach the $305 resistance, the next significant target is anticipated to be $400, where a substantial liquidity cluster of $1.3 million awaits. This cluster could act as a magnet for further rallies, with continued strong trading volume indicating that buyers remain actively engaged in pushing the price higher.
