Taiko Crypto Rebounds From the Bottom: Will the Trend Continue?Taiko Crypto Rebounds From the Bottom: Will the Trend Continue?
Taiko crypto surged nearly 15% intraday and was hovering close to $2.280 at the time of writing.
The transaction volume has witnessed a massive surge indicating an increased demand among the users.
Taiko crypto stabilized near the lows and made a strong rebound indicating an improved sentiment. The bullish surge overpowered the prevailing selling pressure and indicated the possibility of an upcoming bullish wave if the price sustains.
The TAIKO price surged nearly 15% in Intraday and was trading close to $2.25. Taiko (TAIKO) is an open-source, decentralized ZK-Rollup that mirrors Ethereum's functionality. It was designed to scale Ethereum. Moreover, same as Ethereum, there is no centralized governance. Each and every operation is run by the community only.
Furthermore, The sequencing of Taiko's blocks and transactions is managed by Ethereum's block builders. This reliance on Ethereum's infrastructure for transaction ordering disperses control over the sequencer pool, thereby extending Ethereum's robustness and operational security to the Taiko network.
Taiko Crypto Volume & Volatility Analysis
Taiko crypto has witnessed a notable rise in intraday pointing to a bullish reversal on the daily charts. Moreover, along with an impressive price rise, there has been a significant development in other metrics also.
The transaction volume has recorded a massive growth rising over 405% a day. with the recent surge the daily transaction volume has now reached $72.370 per day. The substantial growth in the transaction volume denotes an increase in demand which may further lift the price.
Moreover, the volume to market capitalization ratio has reached to 44.74% indicating a high volatility in the crypto. currently it has only 6.6% of the total supply in circulation. Out of a total 1 Billion TAIKO tokens, currently 65.95 Million are in circulation.
Can Taiko Crypto Confirm A Bullish Reversal?
Taiko price has jumped over 15% today indicating a bullish reversal scenario on the horizon. The price has surpassed the 20 day Exponential moving average adding confirmation to it.
On the higher side, if the price manages to surpass the $2.39 level it may indicate a trend shift and the crypto may rise to conquer the All time high of $3.27 and beyond. currently the price lags nearly 29% from its ATH.
Moreover, the RSI line at 53.5 has surpassed the mean line suggesting a positive scenario and indicates a trend continuation. whereas the 20 day EMA may now act as a support for the price.
What’s Next For Taiko?
Taiko crypto has shown signs of a bullish reversal, with an intraday surge of over 15%. The daily transaction volume has soared by 405%, reaching $72,370. It reflects an increased demand that could propel the price further. Currently, only 6.6% of the total supply is in circulation, amounting to 65.95 million out of 1 billion tokens.
Moreover, The volume-to-market capitalization ratio stands at 44.74%, indicating high volatility. On the higher side, if the Taiko price breaks through the $2.39 resistance, it could aim for a new all-time high of $3.27. The Relative Strength Index (RSI) at 53.5 suggests a positive trend continuation.
