TAO Token Price Fails The Breakout: What's Next?

The TAO price(Bittensor) had advanced by more than 385% in the last 1 year from the press time. The token further outperformed 89% of the top 100 crypto

The Bittensor token price witnessed a magnificent surge of over 385% in the last 1 year from the press time. This outperformance was evident against 89% of the top 100 crypto assets in the same period. However, a closer examination revealed a decline in the token’s traded volume value by 16.5% in the last 24 hours.

This resulted in a traded value of $67.933M, which constituted only 3.4% of the token’s market cap, indicating a lower liquidity in the token price. It might lead to a dilemma while buying and selling the token in difficult market conditions.

The token’s market cap also declined by 7.67% in the last 24 hours, leading to a market cap of $2.044B. This placed the token as the 39th largest cryptocurrency in the global crypto market, with a market cap dominance of 0.10%.

The Bittensor token had medium liquidity, which resulted in a liquidity score of 72.69, leading to the BBB tier. This further resulted in a global security ranking of #1576 as per Certik Skynet.

Higher Long Liquidation In Bittensor Token’s Derivatives

The Bittensor token witnessed a higher long liquidation of $138.81K in the last 24 hours, indicating the sellers’ dominance in the token, as the short liquidation was only $8.02K.

The derivatives traded volume value in the token also saw a decline of 26% in the last 24 hours. This further resulted in a traded value of $110.74M.

Following the decline in the volume of the token’s derivatives volume, the open interest also declined by 12.5%, indicating a drop in the token’s derivatives open positions.

TAO Token Price Fails The Breakout: What’s Next?

The TAO crypto has been in a long downtrend following a falling wedge pattern on the daily time frame. This consistent downtrend resulted in a massive price decline. It was accompanied by the token plummeting by over 70% from its swing high of $756.87.

Over the past year, the TAO token has experienced significant volatility, with a strong uptrend and a sharp and sustained downtrend. However, a shift in momentum has recently occurred.

The TAO token price has broken out above the falling wedge pattern, driven by strong bullish candlesticks over the last few days. If the price rises and breaks above the most recent swing high, it could signal a continuation of the upward trend, leading to higher price levels.

The 50-day and the 200-day EMAs traded in a death cross, after which the price declined below the following EMAs, leading to a strong downtrend in price.

TAO/USD Chart by TradingView.com

The MACD and the signal line traded in the bullish trajectory while both the metrics overlapped, indicating volatility in the price.

The RSI also declined below the 50 level and traded at 43.7, followed by a decline below the 14-day SMA on the daily chart.

This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.

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