Bittensor (TAO) just surged nearly 29% in 24 hours after a massive crypto market crash that wiped out over $500B in total market value on October 11, causing nearly $20 billion in liquidations of top digital assets.
At the time of reporting, the token is trading for $415.27, due to a 174% increase in trading activity, putting it at a trading volume of $662.18 million in the same period of time. Meanwhile, TAO’s market cap climbed to $4.18 billion.
TAO Price action | Source: CoinMarketCap
The wider crypto market had a massive, quick money loss. The main reason for this panic was US President Donald Trump’s threat to put a 100% tax on China imports. This big news started the market decline.
As a result, many coins lost value, with Tao falling as much as 68%. However, the strong move shows TAO investors quickly bought back after the huge initial drop.
The reason for this push can also be linked to institutional influence. A few days before the crash, crypto giant Digital Currency Group (DCG) made a major announcement about creating a new venture called Yuma Asset Management.
This new company is backed by a $10 million investment from DCG, focusing on the Bittensor system. This move gives a clear, long-term reason for people to buy TAO.
Technical Analysis
Looking at the charts, the recent price jump is very important. The price moved past a key long-term resistance line that was holding it down. This move means the time of falling prices is likely over for TAO. The quick price bounce showed that big buyers rushed in when the price was low, with eyes on the $400 price floor, which has been hit.
TAO technical analysis| Source: TradingView
Moving forward, traders are now watching the next price level to beat. The closest resistance area sits between $460 and $490. If the coin can break above this level, it might go toward its old high near $587.
On the other hand, if the rest of the market keeps having big problems, TAO could trade sideways for a while. This would mean the coin tests the new $400 support again before going up. Therefore, the result depends on whether big investors keep buying despite global money worries.
Also Read: Crypto Community Blames Binance, Trump, Wintermute for $500B Crash
