Taiko price prediction: Is $5 Within Reach for the Ethereum Layer 2?

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As a researcher with experience in the cryptocurrency market, I have closely followed Taiko’s development and price movements since its launch. The recent volatility in Taiko’s price is not uncommon in the crypto space, and it’s important to consider both short-term market fluctuations and long-term trends when making a prediction.

Taiko price prediction: TAIKO, is an open-source, permissionless ZK-Rollup equivalent to Ethereum, designed to scale Ethereum natively. The Ethereum Layer 2 Taiko launched recently has seen notable volatility. At the time of writing, according to data from CoinMarketCap, TAIKO price is at $2.81, showing a decline of 8.13% in the last 24 hours.

The market value of TAIKO stands at $282.15 million, making it the 2658th largest cryptocurrency by market capitalization. This significant valuation underscores TAIKO’s expanding influence and recognition within the crypto sphere, drawing interest from both investors and traders.

Taiko price prediction: Could a bearish trend lead to lower prices?

With a 24-hour trading volume of $363.23 million, TAIKo exhibits a modest decrease of 4%. Nevertheless, this reduction does not diminish its standing as the 20th most actively traded asset, underscoring a thriving market landscape and substantial investor attention.

As a crypto investor, I’d put it this way: The reportedly circulating amount of TAIKO in the market is 100 million out of a total minted supply of 1 billion tokens. With a fully diluted market cap, the value of TAIKO stands at approximately $2.81 billion.

Taiko price prediction: Is $5 Within Reach for the Ethereum Layer 2?

After its debut, the value of Taiko has significantly increased, drawing interest from investors and market players. Even with minor market adjustments recently, it remains robust and presents possibilities for further expansion. On the 6th of May, Taiko reached its peak price (all-time high) of $3.10 prior to a brief decline.

Taiko Ecosystem Developments and Partnerships

The favorable attitude toward the market, higher trading activity, and notable advancements in the Taiko project have contributed to its current height. South Korea’s cryptocurrency exchange Upbit has added to this momentum by making Ethereum L2 Taiko available for trading on their platform.

As a researcher studying the cryptocurrency market, I’ve noticed that Taiko has gained significant momentum lately, with a notable surge following Vitalik Buterin’s involvement. The recent CoinGape Media report brought attention to Taiko’s appreciation for Buterin during its Ethereum Mainnet launch. This recognition is especially noteworthy given that Buterin proposed the first block on Ethereum, making his contribution even more impactful for Taiko’s protocol.

Bitget Wallet, a prominent Web3 wallet and comprehensive DeFi platform, has recently integrated support for the Taiko Mainnet. Consequently, users can now effortlessly access the Taiko network through a dedicated section in Bitget Wallet’s DApp browser. This collaboration allows for seamless token transactions, additions, and connections to Taiko DApps using both mobile and browser extension versions of Bitget Wallet.

After its mainnet deployment and token launch last week, Ethereum Layer 2 project Taiko has announced that it has facilitated permissionless sequencing and proof in the first roll-up solution. Marking a milestone as the first roll-up to go live, Taiko’s development began in 2022, featuring seven testnet phases. Ethereum co-founder Vitalik Buterin initiated the project by proposing the inaugural block.

Taiko Price Movements and Potential Resistance

As an analyst observing the TAIKO price trend, I believe if we manage to push past the current resistance at $2.85, the next notable barrier might emerge around $3.10 – a level that represents the previous all-time high. Overcoming this hurdle and maintaining an upward trajectory above it could potentially open doors for TAIKO to aim even higher, towards a more ambitious resistance at $5.

If the price of TAIKO fails to hold above $2.8 and instead falls, it may retreat to the trendline of downward support around $2.7. A bearish market outlook could intensify, possibly pushing TAIKO down toward a lower support at $2.5.

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2024-06-07 13:40