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- 1 Taiko crypto surged nearly 15% intraday and was hovering close to $2.280 at the time of writing.
- 2 Tansaction volume surged sharply highlighting increased demand.
Taiko crypto stabilized near the lows and rebounded, 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.
TAIKO surged nearly 15% intraday and was trading around the $2.25 mark. Taiko is an open-source, decentralized ZK-Rollup that mirrors Ethereum’s functionality. It was designed to scale Ethereum. Moreover, like 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 displayed a notable intraday rise pointing to a bullish reversal on the daily chart. Moreover, along with an impressive price rise, there has been a significant development in other metrics.
The transaction volume recorded a 405% growth intraday. With the recent surge, the daily transaction volume reached the $72.370 mark. The substantial growth in the transaction volume denotes an increase in demand.
Moreover, the volume to market capitalization ratio has reached to 44.74% reflecting high volatility in the crypto. 6.6% of the total supply is in circulation. Out of a total 1 Billion TAIKO tokens, 65.95 Million tokens were in circulation.
Can Taiko Crypto Confirm a Bullish Reversal?
Taiko price jumped over 15% today in a bullish reversal scenario on the horizon. The price 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 had surpassed the mean line suggesting a positive scenario and indicates a trend continuation. whereas the 20 day EMA could 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 soared by 405% to $72,370. It reflects an increased demand that could propel the price further.
Moreover, the volume-to-market capitalization ratio stood at 44.74%, indicating high volatility. On the higher side, if Taiko price breaks through the $2.39 resistance, it could aim for a new all-time high of $3.27. The RSI at 53.5 suggests a positive trend continuation.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
