- Bittensor (TAO) is approaching the $200 mark amid rising futures Open Interest and growing bullish sentiment.
- Key resistance near $200 will determine if the token can sustain its upward momentum.
Bittensor (TAO) is rising on Monday as it approaches the key $200 level. Futures data shows a sharp increase in Open Interest, signaling growing demand from traders. However, strong resistance near $200 could challenge the current rally.
Surge in TAO Futures Signals Growing Market Confidence
Data from CoinGlass reveals that TAO futures OI has jumped 10.86% in the past 24 hours, reaching $182.96 million. This uptick indicates rising retail demand for the AI-focused cryptocurrency. Additionally, the OI-weighted funding rate has shifted from -0.717% on Sunday to 0.0055%, reflecting strengthened bullish sentiment among traders.
CryptoQuant reports that average order sizes for TAO spot and futures trades are increasing, a sign that whales are actively participating. Over the past three months, buy volumes have consistently outpaced sell volumes, reinforcing upward pressure on the token.
Technical Outlook: Key Resistance Around $200
TAO’s short-term recovery is approaching the 50-day EMA at $196, while a descending trendline from the November 1 and January 14 highs adds a critical resistance near $200. A decisive close above this level could open the path to the 100-day EMA at $227, followed by the November 22 low at $263 and the 200-day EMA at $269.
Technical indicators maintain a cautiously bullish bias. MACD is rising toward the zero line with a persistent positive histogram, sustaining a buy signal.RSI sits at 56, crossing above the midline, suggesting continued upside potential before overbought conditions set in.
Support Levels in Case of Pullback
On the downside, immediate support lies at the February 6 swing low of $142. If TAO drops below this level, the next major support is the psychological $100 mark, which could act as a key floor for traders.
Outlook: TAO’s Next Move Depends on $200 Resistance
With increasing OI, rising funding rates, and positive whale activity, Bittensor shows potential for extending its rally beyond $200. Traders should watch the convergence of the descending trendline and 50-day EMA, as a decisive break above this resistance could signal the next leg of TAO’s bullish trajectory.
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