TAO's Price Soars: Analysts Predict Another 30% Surge!

Hold onto your hats, crypto fans! TAO's price is on fire, breaking out of bullish patterns like a champ, and the experts are buzzing that it could skyrocket another 30%!

Bittensor (TAO) just rocketed 12% to smash an intraday high of $388 on April 28 before cooling off a bit to around $372 by the time we hit the press. That's a whopping 18% gain in just a week, and it's now up a mind-blowing 120% from its monthly low. Its market cap? Exploded to over $4.32 billion, way up from around $1.95 billion at the start of April. Talk about a wild ride!

As of the morning of April 29 in Asia, its daily trading volume was a staggering 87% higher than the day before, hitting over $208 million. The trading activity is through the roof!

This surge came hot on the heels of a sharp spike in futures open interest in recent days, hitting a 3-month high of $258 million on April 25, way up from about $155 million just a month ago. When you see price and open interest rising together, you know the bullish sentiment is getting stronger.

And guess what? Funding rates have flipped positive again, showing that traders are ready to pay a premium to stay long. Right now, the long/short ratio for TAO/USDT on Binance is sitting at 1.14, meaning more traders are betting on the price going up rather than down. A ratio above 1? That's a bullish bias, baby!

TAO's recent price surge seems tied to renewed attention after Grayscale spotlighted its Bittensor Trust in an April 28 X post. Sure, the trust launched back in August 2024, but this announcement has reignited the fire within the TAO community.

And when Grayscale, one of the biggest names in crypto asset management, gets involved, you know it adds some serious institutional credibility.

Meanwhile, the crypto community is all in on TAO. CoinMarketCap's data shows that a whopping 83% of traders are expecting short-term gains, and TAO has been basking in positive social sentiment for 12 straight days. It's even trending on Google as more investors and traders jump on the hype train.

TAO Price Analysis

On the 1-day USDT chart, TAO just broke out of a multi-month falling wedge pattern like a boss. In the world of technical analysis, this setup is often seen as a bullish signal. When the price breaks above the upper trendline of this pattern, it's like a green light for an upward trend to continue.

Right now, TAO is cruising within an ascending channel and is gunning for key resistance near the $400 level. Based on the chart structure, it looks ready to test and possibly smash through this level soon.

Adding fuel to the bullish fire, the Chaikin Money Flow has climbed to 0.13, suggesting that buying pressure is on the rise. If this upward momentum keeps going, TAO's price could see even more gains in the short term.

And get this: a golden cross just formed on the daily chart, where the 20-day EMA (blue) crossed above the 50-day EMA (green). This is generally seen as a bullish signal. The last time this crossover happened, TAO surged nearly 140% within a month. Can you feel the excitement?

If the current setup follows a similar path, TAO could potentially breach the $485 resistance level, which is up nearly 30% from its current price, in the coming weeks.

Analysts are staying optimistic that the current momentum could keep going, and some are already eyeing higher targets. According to analyst Quinten, TAO's recent breakout above $360 is a big deal, and a retest of that level as support could pave the way for a move toward the $485 target.

Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.