- TAO surged by 7.1% over the past 24 hours.
- Bittensor outpaced other AI coins as its trading volume soared by 104%.
As a seasoned crypto investor with a knack for spotting undervalued gems, I’ve always kept my eyes peeled for promising projects that could potentially yield high returns. Recently, TAO, the token of Bittensor, has caught my attention. After a thorough analysis and considering its impressive performance over the past 24 hours, I believe TAO is poised for a significant surge.
The crypto market has seen a strong upswing with Bitcoin [BTC] reaching $71,500, at press time.
The recent surge in the market has benefited most cryptocurrencies. Notably, among them, Bittensor’s TAO token is particularly noteworthy. At present, TAO is being traded at approximately $544, marking a 7.12% growth.
On a single day, the trading volume for TAO increased significantly by 104.58%, reaching a total of approximately $211 million. Compared to other AI-focused altcoins, TAO’s performance was impressive.
TAO outpaces other AI coins
Meanwhile, in the last 24 hours, Tao surged more than 7%, while other AI-related cryptocurrencies such as Injective (INJ) saw an increase of approximately 6.53%, and Near Protocol (NEAR) experienced a rise of about 5.84%.
Additionally, the Artificial Superintelligence Alliance (FET) and Internet Computer (ICP) experienced growth; FET increased by 5.49%, while ICP saw a rise of 3.52%.
This upward trend indicates growing investor preference towards cryptocurrencies related to AI, as there’s been a surge of interest in TAO specifically.
What it means for TAO’s price charts
AMBCrypto’s analysis showed that TAO was starting to gain upward momentum.
As such, the prevailing market conditions could set the altcoin for more gains on price charts.
In simpler terms, the Long/Short Ratio in Bittensor indicates a larger number of traders holding long positions, which means they have more control over the current market situation.
As of now, long positions make up approximately 50.96%, whereas short positions account for about 49%. This indicates that a majority of investors have a bullish outlook and expect prices to increase, as evidenced by a ratio of 1.039 in favor of long positions.
As a crypto investor, I found myself feeling more optimistic about my long positions due to the favorable funding rate accumulated by the exchange.
Over the last seven days, this indicator has consistently been above zero, suggesting that investors are ready to pay higher prices even in market declines to maintain their positions. This action indicates a positive or optimistic outlook on the market.
To sum up, the TAO was experiencing a growth trend, as illustrated by the RSI which climbed from 45 to 50 at present, suggesting a rise in purchasing activity.
Read Bittensor’s [TAO] Price Prediction 2024–2025
Given its optimistic outlook and investor approval, this cryptocurrency alternative appears primed for further growth. If these circumstances persist, it should regain the $584 resistance point.
If the price hike is due only to speculative activities, there’s a possibility that TAO could be rejected and drop back down to $463.
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2024-10-30 07:04