Bittensor (TAO) Price Is Now Aiming At $273 After Rallying 18% Today: Here’s How
Bittensor (TAO) rallied 18%, with derivatives data showing bullish conviction, targeting $273 if it breaks $250 resistance.Summary
Bittensor (TAO) surged 18%, driving interest in its futures market where open interest rose 50% to $221 million, predominantly in long positions, indicating strong trader conviction.
Despite the bullish derivatives positioning, which shows $7.13 million in long liquidations versus minimal short liquidations, there is a structural vulnerability: a cluster of $6.71 million in long liquidations sits just below the $193 level, posing a risk for a cascading sell-off.
Technically, TAO is trading at $238 after breaking $229 resistance. The price pattern suggests a potential 36.9% rally toward $273, contingent on clearing the $250 resistance. Failure to hold $229 could lead to a reversal toward $221, with a drop below $196 potentially triggering significant liquidations.
(Source：BeInCrypto)