- Bittensor has seen a 20% increase this month.
- Traders have been anticipating a bounce from the $500 zone.
As a seasoned crypto investor with a knack for spotting undervalued gems, I find myself intrigued by Bittensor (TAO). Over the past month, it has shown impressive growth and currently stands as one of the top AI coins poised for long-term success.
Bittensor [TAO] has attracted considerable interest, being recognized among the leading artificial intelligence (AI) cryptocurrencies that are expected to thrive in the long term.
Although it dropped by 10% during the last seven days, the token has experienced a 20% surge in the current month, suggesting a positive trend for extended periods.
TAO recently broke out of an inverted head and shoulders pattern, piercing past the $600 level, but has since entered a consolidation phase.
Exit of shorts to trigger a bounce
Many traders erroneously thought it marked the conclusion of the bullish phase, yet there was no discernible major shift indicated on larger time scales.
As a researcher, I observed an influx of short positions in the market, anticipating continued price drops. Interestingly, contrary to their expectations, our TAO’s price experienced a sudden surge, a situation that left the shorts holding onto their positions, effectively ‘trapped’.
Since then, the price has gone back up to its break-even point, a mental barrier that many trapped traders may choose to leave. If additional short sellers decide to get out of their positions, there might be a possibility for a rebound.
Currently, TAO is approximately valued at $560, slightly under the significant price point. If the price continues to drop towards the $500 area, it could potentially lead to an upturn towards $600 and beyond, as long as market circumstances become more favorable.
Following a recent adjustment, TAO appears to be experiencing an upward consolidation, suggesting a possible rebound within the next 45 minutes. The dip in the token’s value to around the $500 mark presents itself as a temporary chance for investors to buy.
Based on a significant bullish alignment observed over a 4-hour period, it appeared quite probable that the price would increase significantly. By the year 2025, we might anticipate a minimum price point reaching around $800.
Nevertheless, traders tread with care because the Moving Average Convergence Divergence (MACD) signal weakened, indicating that if TAO’s support falters, the price may momentarily drop below the $500 mark once more.
TAO among top AI projects
Looking ahead, Bittensor’s overall perspective continues to be optimistic, however, it’s essential for traders to closely monitor crucial points as opportunities for profitable returns might arise.
Regardless of the recent decline, TAO continues to be a leading project within the artificial intelligence community, strengthening its optimistic outlook.
This token is one of the leading AI and Big Data projects being developed, joining forces with well-known names such as Near Protocol, Oasis, and The Graph.
Read Bittensor’s [TAO] Price Prediction 2024–2025
Including Bittensor on this list underscores its robust market standing, suggesting it’s poised for a recovery if it falls below the $500 mark.
It’s a good idea for traders to closely monitor important price points and market trends since it’s predicted that Bittensor might see more growth over the next few months.
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2024-10-22 19:03