The Key Takeaways
What caused TAO to gain 12% in recent months?
TAO surged 12% after a $28 million hack investigation was resolved, restoring investor confidence and driving $25 million in fresh capital inflows.
What next for TAO’s Price?
TAO has a resistance of $447; however, a breakout would push it to $476 with an eventual high of $488.
Bittensor [TAO] After a successful investigation into the $28,000,000 hacking linked to this project, investor confidence returned.
TAO is now just one resistance away from its all-time highest (ATH) of the previous year, after adding $25 million to its derivatives markets.
After a recent 44% drop, the leading AI token has started to gain traction.
The asset has risen 12% in the last day as investors renewed their interest.
Investor outlook is boosted by investigation
The latest update to the investigation TAO’s hacking of $28 millions in 2024 seems to have given rise to renewed optimism.
ZachXBT shared a detailed postmortem report on X that revealed that a former Bittensor worker was the perpetrator of an attack on 32 TAO holders.
TAO has seen its recent prices rise as a result of a lawsuit that is currently pending.
CoinGlass
The community sentiment reflects this positive shift. Around 74% of TAO investors were positive on the 17th October.
The number of assets has risen to 86%. More capital is likely to be invested in the asset.
The Perpetual Market remains Strong
Perpetual Futures investors continue to hold a bullish position. According to CoinGlass, Open Interest—representing the total number of unsettled derivative contracts—rose 9.95% to $26 million.
As traders expect further appreciation of prices, the Funding Rate is also positive.
CoinGlass
However, Spot investors The last two days have seen a consistent increase in profits, which has led to some mild pressure on the market.
The total amount sold so far is $5.25million, which suggests that the short-term investors could continue to drive down prices.
The new high is in sight
The technical analysis provides a better view into TAO’s future. TAO, according to Fibonacci levels of retracement, is trading at $447. This zone could cause the asset temporarily to drop.
A failure to breach this level could result in a return to lower support levels. TAO’s bullish momentum may propel it to its next resistance level, $476.
TradingView
The final obstacle before TAO is able to set a record high of $588 per year remains this zone.
The Relative Strength Index shows a rising trend, which suggests that TAO could soon surpass its immediate resistance.
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Source: ambcrypto.com
