Bittensor (TAO) Breaks $300! 106% Surge in Trading Volume Accelerates Upward Trend

▲ Upbit, Bittensor (TAO)/ChatGPT Generated Image ©

Bittensor (TAO) surged over 17% in a single day, breaking the $300 mark. With trading volume more than doubling, it surpassed key Fibonacci resistance levels, and the bullish sentiment for Bitcoin (BTC) coupled with expectations for the Bittensor ecosystem further boosted its upward momentum.

According to crypto market tracking site CoinMarketCap on September 22 (local time), Bittensor traded at $305.20, up 17.85% over the past 24 hours. During the same period, Bitcoin rose by 7.13%. While the overall virtual asset market saw gains due to optimism about the regulatory environment and strong inflows into Bitcoin spot ETFs, TAO recorded a significantly higher growth rate than the market.

The direct driver of this surge was the breakthrough of a technical resistance level. TAO breached the 127.2% Fibonacci extension line at $293.47, which was a major resistance. Trading volume also surged by 106% to $583 million in the last 24 hours, supported by strong buying pressure. Whether it can maintain the $293 area, which was previously a resistance, as a new support level has emerged as a key factor for future trends.

Changes in the Bittensor ecosystem also supported investor sentiment. The community highlighted changes in the network's economic structure and utility, such as subnet reward adjustments and increased usability of staked TAO through the Root Subnet. Furthermore, the rise in Bitcoin strengthened risk appetite across the virtual asset market, lending momentum to TAO's upward trend.

In the short term, maintaining the $293 support level is crucial. If TAO holds this price, resistance zones are open up to the 161.8% Fibonacci extension at $315.21 and then the 200% extension at $339.20. Conversely, if it falls below $293, a correction due to profit-taking towards the recent swing high of around $276 has been suggested. The subnet registration fee update scheduled for tomorrow, along with price movements and trading volume changes around $315, are also considered key variables.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*