bittensor subnet ecosystem. Photo by BeInCrypto <\/p>\n
Bittensor\u2019s native token, TAO, has surged 6% in the past 24 hours, breaking out of a two-week-long horizontal channel that had kept prices consolidating since September 23. <\/p>\n
The rally comes as crypto market liquidity improves, with capital inflows rising across risk assets amid a weakening US dollar and uncertainty in traditional finance markets.\u00a0As bullish sentiment spreads across the broader crypto market, TAO could be gearing up for new local highs if current momentum holds.<\/p>\n
TAO traded within a horizontal channel between September 23 and October 7, keeping its price performance muted. However, as broader market sentiment improved, the altcoin closed above the upper line of its consolidation range yesterday, suggesting that bulls may have regained short-term control.<\/p>\n
As its price has climbed over the past day, its daily trading volume has also spiked sharply, validating the strength behind the upward move. Currently at $212 million, TAO\u2019s trading volume is up 108% in the past 24 hours.<\/p>\n
For token TA and market updates: Want more token insights like this? Sign up for Editor Harsh Notariya\u2019s Daily Crypto Newsletter\u00a0here.<\/p>\n
TAO Price\/Trading Volume. Source: Santiment <\/p>\n
When an asset\u2019s price and trading volume rise simultaneously, the upward movement is driven by genuine market demand rather than isolated or speculative large trades. This trend validates TAO\u2019s breakout and suggests that new capital is flowing into the market, increasing the potential for a sustained rally.<\/p>\n
Furthermore, TAO\u2019s climbing long\/short ratio supports the positive momentum. At press time, this was at 1.01, indicating that market participants lean heavily toward long positions.<\/p>\n
TAO Long\/Short Ratio. Source: Coinglass <\/p>\n
The long\/short ratio measures the proportion of traders holding long positions (bets that an asset\u2019s price will rise) against those holding short positions.<\/p>\n
A ratio below one signals that most participants are betting on further downside. Conversely, as with TAO, a ratio above one indicates that more traders expect upward momentum, reflecting a bullish sentiment in the derivatives market.<\/p>\n
TAO\u2019s recent breakout, combined with its healthy on-chain sentiment and rising spot demand, suggests that traders are positioning for a potential continuation of the uptrend. If buying pressure persists, TAO could retest its early-September highs and climb to $373.31.<\/p>\n
TAO Price Analysis. Source: TradingView <\/p>\n
However, if demand wanes, the token could lose momentum and fall to $333.9. If this support floor weakens, TAO’s price may attempt to fall back within its sideways pattern, and break below $320.<\/p>\n
Read original story TAO Snaps Its Sideways Streak as Bulls Regain Control After Two Weeks<\/a> by Abiodun Oladokun at beincrypto.com<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"bittensor subnet ecosystem. Photo by BeInCrypto Bittensor\u2019s native token, TAO, has surged 6% in the past 24 hours,…\n","protected":false},"author":2,"featured_media":207154,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[37],"tags":[118949,28,118948,118952,23850,8146,111718,112,118951,118950],"class_list":{"0":"post-207153","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-markets","8":"tag-bullish-sentiment","9":"tag-business","10":"tag-horizontal-channel","11":"tag-market-demand","12":"tag-market-participants","13":"tag-market-sentiment","14":"tag-market-updates","15":"tag-markets","16":"tag-price-performance","17":"tag-trading-volume"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/207153","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/comments?post=207153"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/207153\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media\/207154"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media?parent=207153"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/categories?post=207153"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/tags?post=207153"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}