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Bittensor (TAO) Price Nears 80% Rally Validation — Here’s What to Expect

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Bittensor (TAO) has seen significant bullish momentum recently, pushing its price above the $600 mark.

This ongoing rally follows a breakout from a bullish pattern that had been developing for three months, starting in mid-September. TAO is now nearing validation of this pattern, with the potential for further gains ahead.

Bittensor Has Solid Support

The market sentiment around Bittensor is extremely positive, as evidenced by the surge in Open Interest over the last 24 hours. Open Interest, which measures the combined value of all open contracts in the futures market, hit an all-time high of $180 million. This influx of trader inflows signals strong confidence in TAO’s price potential as more market participants place bets on the asset’s continued rally.

The rise in Open Interest is typically viewed as a bullish indicator. With capital flowing into TAO futures contracts, the market appears to believe that the rally is far from over. This heightened interest could help sustain upward momentum, pushing the price further and validating the bullish pattern in play.

Bittensor Open Interest. Source: Coinglass

From a macro perspective, Bittensor’s technical indicators suggest that the rally could continue. The Relative Strength Index (RSI), used to gauge the strength of price trends, is currently holding in the bullish zone. While the RSI previously entered the overbought territory, over 70.0 in September, it has since cooled off slightly while remaining well above neutral levels.

This positioning indicates that while some overbuying pressure has been alleviated, the bullish momentum remains intact. The RSI’s current reading suggests that TAO still has room for further gains, reinforcing the broader market sentiment that t

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Author: Aaryamann Shrivastava

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