Key Notes
- Rekt Capital noted TAO’s rebound from a major demand zone and its retest of resistance at $449.36.
- A confirmed weekly close above this level could trigger a 50% rally within the broader macro range of $449-$678.
- Deutsche Digital Assets, in partnership with Safello, plans to list the Bittensor Staked TAO ETP (ticker: STAO) within weeks, amid rising demand.
Decentralized AI protocol Bittensor
TAO
$424.4
24h volatility:
0.4%
Market cap:
$4.07 B
Vol. 24h:
$457.03 M
has been recently in the limelight as native crypto TAO has rallied 4% in the last 24 hours, defying the broader market downtrend.
As a result, Bittensor price has extended its weekly gains to 11.5% with its market cap surging to $4.5 billion.
Crypto market analyst Rekt Capital believes that the TAO price rally can extend to $678 following one imminent breakout ahead.
Bittensor (TAO) Price Rally Can Extend by Another 50%
Following a 41% rally over the past month, Bittensor (TAO) has now grabbed a place among the top 30 digital assets by market cap. At the time of writing, the altcoin is trading at $441, with bulls eyeing a potential breakout post $450.
Crypto analyst Rekt Capital reported that TAO has been trading within a wedging structure.
He added that the altcoin has recently rebounded from a key historical demand zone and is recovering toward the wedge’s upper boundary.
As shown in the chart above, the Bittensor price is once again testing resistance at $449.36, where short-term consolidation could be forming a minor bull flag.
However, Rekt Capital noted that the broader structure remains defined by a macro range between $449.36 and $678.13.
The analyst emphasized that reclaiming $449.36 as support is critical. He further added that a weekly or daily close above this level has historically led to rallies across the wider 50% macro range.
If TAO price confirms a weekly close and a successful post-breakout retest of the range low, it could enable the asset to re-enter the macro range.
If TAO price confirms a weekly close and a successful post-breakout retest of the range low, it could enable the asset to re-enter the macro range.
Thus, the altcoin will position for a potential upside toward the range high near $678.13.
Staked TAO ETP to Go Live Soon
Amid the strong Bittensor price performance, asset managers are now planning to bring a TAO exchange-traded product to the market.
Deutsche Digital Assets, a German-regulated issuer of exchange-traded products (ETPs), is preparing to launch the Bittensor Staked TAO ETP (ticker: STAO) on the SIX Swiss Exchange within the next few weeks.
The company is collaborating with Safello (SFL), a Nasdaq Nordic-listed broker, to bring the product to market.
According to the announcement, the new Safello Bittensor Staked TAO ETP will offer investors exposure to TAO in a regulated environment.
Bitcoin Hyper (HYPER) Presale Surpasses $25M, Eyes Further Growth
Layer 2 token Bitcoin Hyper (HYPER) is gaining attention again, having already raised over $25 million in its ongoing presale.
Built on the Solana Virtual Machine (SVM), the project seeks to address Bitcoin’s scalability limitations and improve its functionality by enabling smart contract capabilities.
Bitcoin Hyper Presale Overview
- Current Price: $0.013195
- Total Raised: $25.25 million
- Ticker: HYPER
Don’t forget to check out our guide on how to buy Bitcoin Hyper if you’re interested in joining the presale! It’s already raised more than $25 million, with tokens currently priced at $0.013195.
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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
Source: https://www.coinspeaker.com/bittensor-eyes-678-after-breakout/