In the continuous market recovery, Tao, the original symbol of Bittensor, appears bullish and prepares to attend a huge rally due to the strong price movement. With large green candles, Tao recently crashed from the strong trend line it has faced since the beginning of December 2024.
TAO work price and upcoming level
After the penetration, TAO appears to be moved from its lengthy declining direction to a bullish stage. However, before this transformation occurs completely, the original faces light resistance from the 200 (EMA) moving average and the horizontal level at the $ 475 sign.
Based on the historical price momentum, if Tao violates this obstacle and closes a daily candle above the level of $ 490, it may rise by 46 % to reach the level of $ 720 in the future.
However, the average trend for assets (ADX) is currently 21 and it appears to be declining, indicating that Tao lacks strong momentum, making it difficult for the original to maintain its gathering.
At $ 4.52 million in the Tau dumps on the stock exchanges
Despite these biological movements of prices, long -term holders have unloaded the origin, as the Analysis Company revealed the series Coinglass. The data from the immediate flow/external flow shows that exchanges have witnessed a $ 4.52 million flow of TAO during the last upscale momentum, indicating the presence of possible sales.
Such flows on stock exchanges can create the pressure pressure and lead to low prices. However, the feelings and market structure differ in this case, which can be a challenge on the origin of the gathering in the coming days.
High open interest
While the Tau Open Authority (OI) has increased by 27 % in the past 24 hours, indicating the interest of strong merchants and confidence in the original.
At the time of the press, the excessive level in the predecessor is $ 435.9 on the bottom side, where the bulls held long positions worth $ 7.71 million, while $ 473 on the upper side, where the bears held $ 5.05 million in short positions. This liquidation level clearly determines that the bull is the person who is currently dominating the original.
