Bittensor (TAO) has rebounded from its $255 support level, climbing to $289 before settling at $283, marking a 10.25% increase on the daily charts. This recovery is accompanied by an 85% surge in trading volume to $250 million, indicating renewed market interest. The altcoin's Open Interest (OI) rose by 9.2% to $365 million, while derivatives volume increased by 48.3% to $946 million, reflecting heightened market participation.
Despite these gains, Bittensor faces significant selling pressure as profit-taking continues. The altcoin has recorded positive net flow for two consecutive days, with Spot Netflow dropping to $1.54 million on May 21. The Relative Strength Index (RSI) has reached the neutral zone at 50, but the signal line remains above it, suggesting seller dominance. The market's future direction hinges on whether spot profit-taking persists or if futures market activity sustains the current momentum.
Bittensor Rebounds from $255 Support Amid Rising Derivatives Activity
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