- As of press time, Bittensor was in the gains leaderboard.
Smart Money are massively accumulating TAO.
As a seasoned analyst with over two decades of experience in the financial markets, I’ve seen my fair share of market trends and cycles. However, the current momentum of Bittensor (TAO) is truly captivating, especially within the AI cryptocurrency ecosystem.
In the realm of AI-focused cryptocurrencies, Bittensor [TAO] is maintaining a robust performance. Currently, as we speak, TAO has surged by more than 16%, placing it among the most profitable coins in the previous 24 hours for the top 100 digital currencies ranked by market capitalization, according to CoinMarketCap.
Moreover, the trading activity significantly increased by 77%, moving it into the group of the 30 most actively traded assets, which underscores its promising prospects for expansion. The latest price trends of Bittensor are indicative of this bullish trend, as the TAO/USDT pair has experienced substantial growth.
Following the breakout from a widening downward sloping trendline formation (known as a Falling Wedge), TAO has experienced a significant rise of over 108%. This strong increase supports the optimistic perspective for this asset’s future performance.
Given the present market trends, there’s a lot of talk that TAO might hit $800 in price should the overall cryptocurrency market maintain its strong momentum through the last three months of the year.
In the upcoming scenario, I anticipate a short-term correction before another surge. Therefore, pinpointing a secure entry point slightly under the current price range becomes crucial for me as an analyst.
Smart Money accumulation
A significant contributor to TAO‘s possible increase to $800 could be its substantial buying by experienced investors, known as Smart Money. In the last week, TAO has been consistently chosen as the top token that Smart Money investors have been amassing.
It now surpasses assets such as Solana (SOL) and occupies the top spot in the Smart Money amassing rankings, placing it before well-known projects like Maker (MKR) and Render (RNDR).
It shows that significant financiers are confident about TAO‘s prospects, particularly since AI-focused cryptocurrencies have been consistently outshining other digital currency segments.
In simpler terms, if TAO continues leading in the AI cryptocurrency sector and sees more investment from savvy investors, it becomes more convincing to predict that its value could reach $800, as long as overall market trends stay positive.
Global long accounts percentage
As a researcher, I’ve noticed an encouraging trend in the global long position percentage for TAO. After a period of decline, there are indications that this metric is rebounding. It seems more traders are choosing to go long on TAO, a move that suggests increasing optimism about the asset’s future growth trajectory.
The rise in long investments on TAO mirrors a generally optimistic viewpoint towards this asset, especially since AI-related coins have been consistently surpassing the overall performance of the crypto market.
Historically, the last three months of the year (Q4) have often been favorable for the cryptocurrency sector, which might mean good opportunities for TAO. Keep in mind, though, that the crypto market tends to be erratic and uncertain.
Bittensor’s Token Achieves Notable Growth: The surge is fueled by Smart Money buying and an increase in long-term investments. If these patterns persist, there’s a possibility that the price might reach $800, making TAO an intriguing coin to monitor as the year winds down.
Read More
- SQR PREDICTION. SQR cryptocurrency
- DOGS PREDICTION. DOGS cryptocurrency
- KNINE PREDICTION. KNINE cryptocurrency
- CLOUD PREDICTION. CLOUD cryptocurrency
- TON PREDICTION. TON cryptocurrency
- HI PREDICTION. HI cryptocurrency
- LDO PREDICTION. LDO cryptocurrency
- METIS PREDICTION. METIS cryptocurrency
- EVA PREDICTION. EVA cryptocurrency
- STG PREDICTION. STG cryptocurrency
2024-10-08 10:15