Bittensor (TAO) is trading near $322, recording a 13.95% weekly gain as technical indicators signal a bullish recovery from April lows. The token has reclaimed key moving averages, with derivative data showing rising open interest and a significant increase in trading volume. Analysts note the next major resistance level is $500, though the Relative Strength Index suggests potential for short-term consolidation.
The Bittensor price is showing strong bullish momentum, trading at $321.64 with a weekly gain of 13.95% according to CoinMarketCap. Technical structure has turned bullish as TAO reclaimed its 20, 50, and 100-day Exponential Moving Averages, confirming recovery from April lows near $240.
Derivative data points to an improving market outlook. According to Coinglass, TAO open interest rose 1.18% to $464.23 million, while trading volume surged 35.20% to $2.20 billion.
Crypto analyst Rendoshi AI revealed the uptrend followed a good weekly close, indicating bulls remain firmly in control. The focus now shifts to the $500 resistance zone, which is expected to pose a significant technical challenge.
According to TradingView, the rally is following an orderly correction from the March peak, with the 200-day EMA providing support. The Relative Strength Index stands at 66.66, signaling strong momentum but suggesting possible short-term consolidation or a test of support near $288.
