Bittensor rallies after TAO ETP debut – Is a breakout toward $400 next?

Key Takeaways

Why is TAO seeing a surge in trading activity?

Safello’s new TAO ETP listing boosted liquidity and pushed monthly trading volume up 31% to $10B.

What signals point to a potential move toward $400?

A bullish stochastic RSI bounce, rising volume, and a major liquidity cluster at $400 suggest upward continuation.

TAO’s prices have been on a steady surge over the last few days, and the momentum appears to be holding firm.

The gains follow Safello’s TAO ETP listing on the SIX Swiss Exchange five days ago, an event that has quickly translated into stronger liquidity and broader market participation.

Since the listing went live, Bittensor’s [TAO] monthly trading volume has jumped by 31% to hit $10 billion, signalling growing confidence among both retail and institutional participants.

Source: Token Terminal

TAO tests the $305 supply zone

Bullish pressure continued to build over the last 24 hours. On the daily chart, at press time, TAO appeared to be pressing against a key supply zone at $305 after the 7% daily surge.

The supply zone at around $305 had previously initiated several reversals. However, renewed momentum suggests that TAO bulls are now attempting another push for a potential breakout.

While the price reaction around this level will determine TAO’s next major move, strong trading activity across markets hints that buyers are not backing down just yet.

TAO’s short-term structure will remain inclined toward the bulls as long as the price holds above nearby support levels.

Source: TradingView

An early-stage bullish trend

That’s not all — TAO’s stochastic RSI bounced off from an oversold region. This mirrored renewed buying pressure as token bulls anticipated the rally continuation.

If bulls maintain their current pace, TAO can surge past $305. Eventually, a continuation rally to test the next resistance level in line at $400 could come into play.

Can TAO build enough strength to break higher?

Besides the fact that most metrics lean bullish, Bittensor’s price still need a convincing breakout from the current supply zone for a guaranteed bullish run.

Failure to breach $305 could open the door for short-term consolidation, though rising volume suggests that buyers remain active.

The presence of a significant liquidity cluster, worth $1.3 million at around $400, ascertains it as the next key liquidity zone.

The anticipated push to hunt the liquidity cluster could turn out to be the required spark for further rallies.

Source: CoinGlass

As it stands, growing institutional interest via the new ETP and positive momentum indicators represents a preparation stage among TAO investors before they make a strategic move.

Whether the token clears the $305 supply zone or pauses for a retest will shape its path toward the $400 resistance level.