Bittensor (TAO) is surging today, climbing over 16.22% in the last 24 hours and now trading for $376. This is due to the 183% increase in trading activity within the same time period. This pushed the total volume to $359.68 million. The market also has a total market cap of $3.81 billion.
TAO price action | Source: CoinMarketCap
The recent upward move is primarily driven by accelerating institutional interest. This came after crypto giant Digital Currency Group (DCG) announced a major new venture. DCG CEO Barry Silbert launched Yuma Asset Management, a firm dedicated to the Bittensor ecosystem
According to the press release, Yuma Asset Management will help accredited investors access the deAI ecosystem. The firm is anchored by a $10 million investment from DCG. Silbert noted that his excitement for Bittensor is the highest it has been since the early days of Bitcoin.
This investment creates a direct, long-term source of demand for TAO. The fund will purchase specialized subnet tokens, which are paired against TAO. Consequently, institutional money flows directly to fuel the native token’s utility and value. This is a critical validation of the decentralized AI sector.
Technical Analysis
Examining the charts, this move to the upside began on October 9th, with the market breaking past the multi-month downtrend line. This follows a retest of the $290 support level on September 25.
Since the breakout, the TAO has gone up by over 23% to $398 in just 2 days. At the time of reporting, the market is showing signs of a cool-off and is now trading for $375.
TAO Technical Analysis | Source: TradingView
Going forward, the market remains bullish, and with this momentum, we might see a steady move towards the key psychological price $400. A sustained break above this level is essential for continuation.
This would then clear the path for a direct test of the $460 and $500 resistance zone. Breaking past this zone will be a significant price discovery phase for TAO.
TAO price prediction | Source: TradingView
However, if the market fails to break above the $400 level, we might see a retest of the downward trendline or a push even lower.
Notably, Indicators like the Relative Strength Index, which is used to monitor the momentum of the market, suggest that TAO is in an uptrend. The RSI sits at the 65.68 level. This means that buyers are gradually coming into the market.
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