• Bittensor (TAO) shows bullish momentum with a 196.95% volume increase to $750M despite a 16.2% drop.
• Analysts predict a TAO breakout soon, targeting $700, $800, and $900 as the coin nears its reaccumulation end.
• RSI at 48.71 and MACD at 0.9 suggest TAO is in a neutral zone with mild bullish trends for growth ahead.

Bittensor (TAO) is currently trading at $320, and it has decreased by 16.2% over the past day. Although the trading volume declined, it increased 196.95% and is presently standing at $750.13 million. This shows a good market move and upward momentum. The movement upward shows that buyers are also looking to continue with the coin, even after the recorded fall in price.

Source: CoinMarketCap

TAO experienced a slight gain of 0.96% in the last week. This indicates that the investors are still interested in the market despite the minor decline. There is already a substantial trading volume that indicates the current popularity of the coin forward. In spite of the reduced price, the market is still active, and traders are taking note of a potential rebound.

Bittensor Poised for Major Upsurge as Breakout Looms

Crypto analyst Rose Premium Signals has highlighted a beautiful bullish pennant pattern, which is under the 0.618 Fibonacci level. These trends tend to result in breakouts, which imply there may be an increase in TAO. This trend indicates that the reaccumulation of Bittensor is approaching its final stage.

Source: X

Analysts are optimistic about the future of the coin, as its breakout is very close. As soon as this stage is completed, the price targets are determined as $700, $800, and even higher to $900. When the momentum continues, TAO may experience significant growth within the next few weeks.

Additionally, CryptoBull, another analyst, mentioned that TAO is about to break out tremendously. The coin is almost breaking the resistance on the 4-hour chart after a prolonged consolidation process. The extension of the wedge pattern is an indication of a major rally ahead. In case the momentum continues, Bittensor might go to the $500 and $600 zone. Traders are watching the coin closely because of this growth potential.

Source: X

RSI and MACD Indicate Bullish Momentum

The Relative Strength Index (RSI) of TAO stands at 48.71, compared to 47.82. This positions TAO at a neutral zone, an indication that there is still the prospect of growth. A close above the 50 line might indicate more purchase strength.

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The MACD depicts a mild bullish pattern. MACD is currently at 0.9, with the signal line at -2.5. The upward histogram indicates that there is already a bullish trend. Provided the trend is maintained, the TAO may have an upward movement in the nearest future.

Source: TradingView

TAO Sees Rising Volume, Falling Open Interest

According to CoinGlass data, trading volume has grown by 241.33 to $1.94 billion. However, the open interest decreased by 54.37% and now is at $173.28 million. Bittensor has an OI-Weighted Funding Rate of -0.337%. The volume has risen sharply, indicating active participation, but the fall in open interest can reflect some warnings by investors.

Source: CoinGlass

Bittensor is demonstrating good indicators of market popularity. The growth in volume and good technical signals indicate that a breakout is imminent. Traders are closely following the movements of prices with targets at $700 and above.

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