- Bittensor is eyeing a $1,000 target with its bullish Cup formation
- Positive spot inflows signaled strong momentum ahead for TAO
Over the last five weeks, Bittensor [TAO] has registered significant upward movement. In fact, at the time of writing, the altcoin was just 5.1% below its 11 April 2024 peak of $767.68. In the last 24 hours, the price surged by 1.67% to trade at $725.50.
Additionally, the altcoin’s trading volume increased by 17.42%, hitting $641.62 million on the charts.
This surge can be mainly attributed to rising trading activity and increasing Open Interest – A sign of growing market momentum.
TAO heating up with the cup and handle pattern
On the weekly charts, TAO, at press time, was forming a classic “cup and handle” pattern – Alluding to a potential breakout. Here, it’s worth noting that the asset did register weekly gains of 16.10%, with volatility visible between $661.02 and $741.29.
A critical resistance zone lies between $720 and $780, where previous rejections have occurred, making this level crucial for determining the altcoin’s next mo…
