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

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.

TAIKO’s market capitalization is $282.15 million, ranking it 2658th among all cryptocurrencies by market cap. This valuation reflects TAIKO’s growing influence and adoption within the crypto space, as it attracts attention from investors and traders alike.

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

The 24-hour trading volume is $363.23 million, showing a slight decrease of 4%. Despite this dip, TAIKO ranks 20th in trading volume, indicating robust market activity and significant interest from the trading community.  

The self-reported circulating supply is 100 million TAIKO out of a total supply of 1 billion TAIKO. The fully diluted market cap is valued at $2.81 billion.

Since its launch, the Taiko price has surged, capturing the attention of investors and traders alike. Despite slight market corrections today, it continues to show resilience and potential for growth. On 06 May, Taiko hit an all-time high (ATH) of $3.10 before experiencing a minor pullback. 

Taiko Ecosystem Developments and Partnerships

The positive market sentiment, increased trading volume, and significant developments within the Taiko ecosystem have driven its peak. South Korean crypto exchange Upbit supports Ethereum L2 Taiko by listing it on its platform. 

This move has boosted Taiko’s traction, especially after Vitalik Buterin’s involvement. A recent CoinGape Media report highlighted Taiko’s gratitude to Buterin during its Ethereum Mainnet launch. This follows Vitalik’s proposal of the inaugural block on Ethereum, further enhancing the protocol.

Bitget Wallet, a leading Web3 wallet and full-stack DeFi platform, now supports the Taiko Mainnet. The wallet’s DApp browser includes a dedicated section for Taiko, enabling users to access the Taiko Mainnet directly via Bitget Wallet’s mobile and browser extension versions. This partnership facilitates token additions, transfers, and DApp connections.

Ethereum Layer 2 Taiko has enabled permissionless sequencing and proving after its mainnet rollout and token launch, claiming to be the first roll-up. Taiko went live on the mainnet last week, following development that began in 2022. The process included seven testnets, with Ethereum co-founder Vitalik Buterin proposing the inaugural block.

Taiko Price Movements and Potential Resistance

With the current TAIKO price development, surpassing $2.85 might lead to the next significant resistance at $3.10, the previous all-time high. Breaking this long-standing trading pattern and sustaining above this level could pave the way for TAIKO to target a more ambitious resistance at $5.

Conversely, if TAIKO price mounts more pressure and falls below $2.8, it could retract to the descending support trendline at $2.7. A bearish market sentiment might pressure TAIKO further, potentially leading to a decline toward a lower support level of $2.5.