• Bittensor rises 5.81% to $387, but trading volume drops 20.71% to $127.31M, signaling a market slowdown.
• TAO is up 15.91% in the last week, showing strong positive momentum despite declining volume.
• Breaking the 100-day moving average could drive the TAO price to $460, $570, and $710.

Bittensor (TAO) is currently trading at $387, gaining 5.81% in the last 24 hours. The volume of trading in this period, however, is $127.31 million, which represents a drop of 20.71%. This decrease indicates that the market has become sluggish, although there is an increase in price.

Source: CoinMarketCap

In the last seven days, the price of TAO has risen by 15.91%, signaling a robust positive trend. Although the recent drop in volume contributes to growth, it is an indication that investors are still interested in the coin. The current upsurge in price exhibits prospects of additional profit in the subsequent days.

Bittensor Approaches Key Breakout Level with $710 Target

Crypto analyst Jonathan Carter has highlighted that Bittensor is developing an ascending triangle on the daily chart. The price still is getting compressed against the upper line of resistance, but it is getting closer support at higher lows. 

Source: X

As long as the 100-day moving average can be breached by TAO, it may drive the price further to levels of $460, $570, and $710. An effective breakout would indicate that the bullish market trend of Bittensor would most probably persist, which provides good growth opportunities to investors.

RSI Signals Stability, MACD Points to Possible Volatility

The Relative Strength Index (RSI) has a value of 53.36, indicating that the asset is neither overbought nor oversold. This neutral stance indicates that there is yet scope to continue the growth without a near-term retreat. The RSI is likely to be followed by traders, since it can indicate the time that an asset needs a correction.

Source: TradingView

Also Read: Toncoin Price Prediction: Will Stable Momentum Push TON Toward $3.66?

The Moving Average Convergence Divergence (MACD) displays ambiguity. The MACD is at -0.9, indicating near-term bearish pressure. The signal line is waving at -5.6, and the histogram is at -6.5, which is an indication of volatility. Although the price is increasing positively, the data on MACD warns to be careful, as the market may fluctuate.

Open Interest Increases as Volume Drops in Market

According to CoinGlass data, the open interest in Bittensor has grown by 2.84%, up to $318.30 million. This demonstrates that an increasing number of traders are getting involved with TAO, and this is an additional sign of market interest. 

The volume, however, reduced by 3.42% to $334.15 million. The TAO OI-weighted funding rate is 0.0052%, which implies that the market is balanced even though there is reduced trading.

Source: CoinGlass

Bittensor has a promising growth potential and is restricted by a decrease in trading volume and mixed momentum indicators. The market is taking signals of caution even as investor appetite is high. The important technical levels that traders should pay attention to are the 100-day moving average, RSI, and MACD, which will define whether the price of Bittensor will rise or fall.

Also Read: AERO Aims For $1.12 Following Coinbase DEX Launch