Grayscale Move Could Send This Altcoin To A New ATH

Grayscale just made another bold move that could propel one of crypto’s most promising AI tokens into the big leagues.

Meanwhile, technical indicators suggest a significant improvement in the token’s cards, potentially reclaiming its April 2024 all-time high (ATH).

Grayscale Investments recently filed a Form 10 registration statement with the US SEC (Securities and Exchange Commission) for its Bittensor Trust (TAO).

The filing seeks to reduce the private placement holding period from 12 to six months. This would allow for faster liquidity for early backers and potentially attract new institutional inflows.

If approved, the trust would begin reporting under Section 12(g) of the Exchange Act. This would require Grayscale to file 10-Ks, 10-Qs, and audited financial statements with the SEC, bringing a new level of transparency to TAO investors.

“We just filed a Form 10 for Grayscale Bittensor Trust ($TAO), the first step in becoming an SEC reporting company, increasing its accessibility, transparency, and regulatory status,” Grayscale wrote in a post.

This marks the first step in making TAO a publicly traded and SEC-reporting investment product. The move effectively puts TAO in the same category as Grayscale’s flagship Bitcoin, Ethereum and Solana trusts.

If Form 10 goes into effect, Grayscale plans to publicly list the trust’s shares on OTC markets, similar to its existing products such as GBTC (Bitcoin Trust) and ETHE (Ethereum Trust).

More importantly, the move brings Bittensor one step closer to an exchange-traded product (ETP). Such a milestone would greatly expand the accessibility of TAO for both institutional and retail investors.

The on-chain data further underlines Bittensor’s growing influence, with TAO controlling approximately 33% of the total DePIN (Decentralized Physical Infrastructure Network) sector share.

From a technical point of view, the TAO price chart is forming a falling wedge pattern, often a precursor to bullish reversals. Specifically, the TAO/USDT trading pair has been consolidating within a descending wedge since October 2024, and with the technical formation filling up, a breakout may be imminent for TAO price.

The target of the falling wedge is determined by measuring the longest height of the chart and overlaying it on the potential breakout point. Based on this, TAO price may be rising towards a breakout of 236%.

Such a move could see TAO price rise to $1,353, effectively eliminating the ATH of $1,248 recorded on April 11, 2024. However, traders looking to take long positions for TAO should probably wait for a break above the immediate resistance at $402.3.

A decisive candle close above this level, confirmed by a successful retest or a break and hold above $499.6, would set the tone for further upside.

The RSI (relative strength index) indicator position at 63 suggests that the TAO price still has room for further upside before the Bittensor token is considered overbought. Its upward trajectory points to a moment of growth, adding credibility to the bullish thesis.

Meanwhile, bullish volume profiles (green horizontal bars) indicate that TAO price is in the hands of the bulls, with significant volume of bulls waiting to interact with the price above $402.3.

Conversely, a rejection from the upper boundary of the wedge could send the TAO price lower, with bearish volume profiles (black horizontal bars) showing sellers waiting to interact with the price below $219.6.

If this level does not hold, subsequent selling pressure could exacerbate losses, potentially sending TAO price to the lower boundary of the falling wedge at $130.3.

Read original story Grayscale Move Could Send This Altcoin To New ATH by Lockridge Okoth on beincrypto.com