Bittensor’s native token, TAO, is attracting renewed attention as technical charts point to another accumulation phase after a long correction.
As per market analyst Logical, previous rallies of Bittensor have always come after a breakout above a key resistance area, which has yet to happen for the asset.
Thus, there are a few technical barriers ahead for TAO to test its earlier highs. Institutional interest is building up following the introduction of new investment products based on Bittensor.
Resistance levels exist at $370, where a previous breakout generated gains by 83%. The next resistance level is $533, where there was previously an 83% gain in price from a breakout.
Other supply levels can be found at $747, where the previous breakout yielded gains exceeding 321%. Past these price levels, the ultimate price objective remains $1,240.
Source: X
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Historical Recoveries Continue Shaping Market Outlook
The weekly chart of TAO/USDT has revealed that all the large dips have been accompanied by bounces. The rebounds in the past had risen up to around 689%, 321%, 192%, and 83%.
Bittensor is trading at the lower side of its range following several months of declines, and increasing reaction lows indicate that the downside pressure might be fading out. Any rise in buying could take prices towards $371, then $533, and $747, with $1,243 remaining the target.
Institutional Products Deepen Exposure To Bittensor Ecosystem
Interest in Bittensor from an institutional perspective is now more than just price action. As mentioned by the expert Renksi, 43% of Grayscale AI Fund’s portfolio holds the TAO token, and this makes TAO the largest investment within the fund.
This highlights the connection between institutional AI exposure to crypto and the Bittensor network. Meanwhile, the Yuma Total Market Fund was launched by Yuma, providing investors with opportunities to invest in TAO and Bittensor subnet tokens at once.
The new fund is being launched at a time when Bittensor continues expanding to cover 128 subnets and more than $900 million in subnet assets, which support various applications for AI technologies.
What Happens Next?
Bittensor is currently faced by some key technical resistance areas, which in the past have proven whether further rallies are capable of being formed within the markets.
On the other hand, institutional investment products that will be based on Bittensor are expected to increase participation within the ecosystem. It is expected whether the token is able to reach the $370 level.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
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