**TAO Surges Over 50% After Breaking Key Resistance, Trading Above $530 with Strong Momentum**
Bittensor (TAO) has demonstrated impressive price action throughout November, rallying over 50% after breaking major resistance levels. The token is currently trading above $530, fueled by strong momentum and increasing institutional interest.
**Technical Analysis Indicates Bullish Momentum**
Technical charts reveal a bullish engulfing pattern alongside a daily breakout above critical levels, signaling a potential trend reversal. On the monthly chart shared by CryptoBullet1, TAO formed a bullish engulfing candle, which often indicates strengthening upward momentum.
This month, TAO rose approximately 5% to trade around $505, following a high of $539 and a low near $480. Daily gains reached 6.82% as the TAO/USDT pair broke through the $480 resistance level, which has now turned into new support.
Analyst TedPillows had previously identified the breakout opportunity near $354. Since that initial setup call, TAO has gained over 50%, cementing the recovery’s strength with confirmation from the daily timeframe. This setup suggests continued bullish pressure if momentum persists.
**TAO/BTC Hits Highest Level in Nearly a Year**
In addition to its USDT performance, TAO’s value against Bitcoin surged 36.17% this week, reaching 0.004815 BTC—the highest level seen in almost a year, according to TradingView. Renowned analyst Michaël van de Poppe noted that this breakout follows several months of consolidation, with the uptrend now confirmed above short-term moving averages.
While the rally reflects improving sentiment across the altcoin market, the pace of gains may moderate as investors take profits. Nonetheless, robust technical indicators and renewed trading volume could help sustain further short-term upside.
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### Institutional Onramps Expand as TAO Trading Hits $1 Billion Milestone
TAO achieved a significant milestone on November 1 by crossing $1 billion in daily trading volume for the first time. Centralized exchanges accounted for over $940 million of this volume, while decentralized platforms contributed approximately $51.5 million—highlighting growing demand for the token.
Europe saw notable developments as Safello and Deutsche Digital Assets launched the continent’s first physically backed TAO Exchange-Traded Product (ETP). This offering provides investors with a 10% annual yield through staking, supported by BitGo, which securely holds the underlying tokens in cold storage. This arrangement creates a compliant and secure bridge for institutional capital.
Following the ETP launch, spot trading volume surged 109% to $950 million, and derivatives open interest rose 64.8% to $446 million. However, net flow decreased from $18 million to $7 million, indicating some profit-taking activity post-listing.
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### Upcoming Halving to Impact TAO Supply
Looking ahead, TAO’s halving event is scheduled for December 10. This will reduce daily token emissions by 50%, dropping from 7,200 to 3,600 TAO. Mirroring Bitcoin’s monetary model, this reduction is expected to create supply pressure on the market.
The actual impact of the halving will depend on miner behavior and continued demand growth. If demand remains strong, the halving could further support price appreciation by tightening token availability.
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**Summary:** TAO’s recent breakout accompanied by increasing institutional participation and significant volume milestones points to a bullish outlook in the near term. Investors should monitor technical developments, trading volumes, and the upcoming halving event to gauge the token’s trajectory moving forward.
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