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# Technical Analysis: Bittensor Breakout Strength Test
Bittensor is trading at $212 amid a steady bullish shift, with price extending from recent lows and advancing above key levels, including the long-term bearish trend line resistance.
Daily trading closes remain above the 50-day exponential moving average, currently at $198, which reinforces upside momentum. The (MACD) (Moving Average Convergence Divergence) is trending upward above the zero line, with widening green histogram bars on the daily chart, signaling stronger bullish momentum.
At the same time, the (RSI) (Relative Strength Index) remains at 64 on the same chart without entering overbought territory, but stays firmly above the 50 level, reinforcing increasing upward pressure rather than exhaustion.
Daily TAO/USDT Chart
Immediate support is noted at the $203 level, where the last minor support formed prior to the current rally, followed by $194, then $187 in case of a deeper pullback. A break below $187 would reveal a demand zone at $177, which aligns with a previous low before the decline.
On the upside, initial resistance sits at the recently recorded high near $215, with a sustained breakout opening the path toward the 100-day exponential moving average at $226. Above this barrier, the next resistance aligns with the 200-day exponential moving average.
$TAO
Bittensor (TAO) is trading above $210 at the time of writing this report on Thursday, reflecting broader cryptocurrency market stability amid tensions between the United States and Iran.
Most tokens in the artificial intelligence cryptocurrency sector (AI) are maintaining stability, while some, such as UnifAI Network (UAI) and Templar (SN3), have recorded double-digit gains over the past 24 hours.
The total market capitalization of the sector has increased slightly to $14.4 billion during the same period, with TAO, the largest digital asset, representing approximately $2 billion.
Market Capitalization of AI-Backed Cryptocurrencies | Source: CoinGecko
- Retail Demand Returns as Bittensor Gains Momentum
Individual investor interest in Bittensor stabilized this week, with futures open interest volume rising to $190 billion on Thursday, compared to $186 million the day before. Looking back, average open interest volume reached $160 million on Monday, confirming the importance of retail investor demand in maintaining momentum.
Bittensor Futures Open Interest Trading Data | Source: CoinGlass
Despite the price increase from the weekly opening level of $181, traders are increasingly taking short positions, as evidenced by the weighted funding rate based on open positions, which averages -0.0084%. CoinGlass data indicates that this indicator has remained negative since Tuesday. Maintaining the upward trend could become challenging if market sentiment continues to lag behind price increases.
Weighted Funding Rate Information $TAO Bittensor OI | Source: CoinGlass
Retail demand has returned, with open futures contract volume rising to $190 million on Thursday.