Bittensor (TAO) Surges 15% in 24 Hours, TAO Plots a V-shaped Recovery on the four-hour chart

Bittensor (TAO) has been garnering attention for its exceptional performance, surpassing Bitcoin and the broader cryptocurrency market.

Bittensor (TAO) has been the center of attention lately due to its exceptional performance, outpacing Bitcoin and the broader cryptocurrency market. TAO has seen a 15% gain in the past 24 hours, and the altcoin has appreciated by over 130% in the past 30 days. This incredible rally has positioned TAO as one of the best-performing altcoins, grabbing the attention of both institutional and retail investors.

As covered by BTCManager earlier this week, TAO’s impressive rally has sparked attention on social media and investing forums. Many are considering this as an opportunity to buy TAO before it experiences its next major surge.

Bittensor Open Interest Reaches New Highs, Key Indicator For TAO Price Rally

According to Coinglass, TAO’s Open Interest serves as a key indicator of strength, having recently reached an all-time high of $189 million. This is a sharp increase from the roughly $50 million recorded at the beginning of September.

Rising Open Interest—the total number of active positions held by traders—is typically considered a very positive sign, as it indicates more money is being invested in the asset.

In this case, the surge in Open Interest alongside the rising TAO price suggests that traders are not only holding on to their existing long positions but are also actively buying new ones. Hence, the upward momentum may be sustained for some time longer. This has led to speculation that the token may continue to climb even higher.

Bittensor Technical Analysis Supports Bullish Trend (4-Hour Chart)

Bittensor is currently trading at $554, facing a critical resistance. TAO is charting a V-shaped recovery on the 4-hour chart, typically indicating sustained positive momentum. The Chaikin Money Flow (CMF) indicator has also remained positive at 0.21, suggesting significant buying force in the market.

With this positive outlook, the green volume histogram bar shows that TAO could potentially break up from this resistance and head towards the next pivotal level at $618. Judging by the strength of purchasing volume by the market, a short-term upward movement seems to be making a good case for itself.

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