Bittensor (TAO) experienced one of its strongest trading days of the month, with trading volume exceeding $10 billion shortly after the Safello TAO ETP (Exchange Traded Product) became available on SIX. This listing not only increased liquidity but also opened new avenues for institutional investment, prompting a rapid market response. TAO is currently approaching a critical decision zone on its price chart, a level that traders are closely monitoring.
Factors Driving TAO Price Strength
The primary catalyst for the current strength in TAO's price is the listing of the Safello ETP. This development provides European institutions with a regulated and straightforward method to gain exposure to TAO without direct engagement with cryptocurrency exchanges. The immediate impact of this new access is evident in the market data, with expanding trading volumes, improved liquidity, and a noticeable increase in buyer aggression near resistance levels.
Analyst observations indicate that the TAO price is currently pressing against the $305 supply zone. This level has historically acted as a barrier, preventing every previous breakout attempt. However, current market dynamics suggest a potential shift. The stochastic RSI has already shown a bounce from oversold conditions, momentum indicators are trending upward, and TAO's price action is beginning to exhibit higher-timeframe intent, moving beyond mere short-lived spikes.
Technical Analysis of the TAO Chart
For the first time in several weeks, Bittensor's price is not experiencing immediate rejection at resistance levels. The price has been steadily climbing along a rising trendline and is now positioned just below the significant $305 resistance. Should bullish momentum successfully push TAO above $305 and establish it as a support level, a substantial pocket of liquidity will become accessible above, potentially leading to significant price appreciation.
A notable liquidity magnet exists around the $400 mark. This area is characterized by a concentration of previous price wicks, pending stop-loss orders, and untapped trading positions. Historically, such zones in the cryptocurrency market tend to be revisited once upward momentum gains traction. The current market structure further supports the possibility of a trend reversal, as TAO has ceased printing lower highs, trading volume is increasing, and buyers are appearing at anticipated support levels.
Bittensor Price Outlook for the Week
If buyers manage to break through the $305 resistance and convert it into a support level, the next phase of price movement could be rapid, targeting the $360 to $400 range. The existing market momentum appears sufficient to sustain such a rally, particularly with the influx of larger institutional players facilitated by the new ETP.
Conversely, if the TAO price fails to overcome the $305 resistance once more, a pullback toward the rising trendline might occur before another attempt at breaking through. As long as this trendline remains intact, the underlying bullish structure is expected to persist.
Currently, the market's attention is focused on the $305 level. A decisive breakout above this point could serve as the trigger for TAO's next significant price movement.