- TAO declined by 6.8% in 24 hours.
- Bittensor whales were dominating, taking 77% of long positions.
As an analyst with over two decades of experience in the financial markets, I’ve witnessed numerous ups and downs, bull runs, and bear markets. Observing the current state of TAO, it seems we’re experiencing a temporary dip in the AI-themed coin market. Despite this decline, the increased whale dominance is an encouraging sign that suggests the altcoin might be poised for a recovery.
Over the last two days, Bitcoin (BTC) has spiked to reach an all-time high of $68,000. On the other hand, digital currencies centered around artificial intelligence have seen a decline in their value.
Just over two weeks ago, AI-related cryptocurrencies, particularly Bittensor (TAO), dominated the crypto market with significant price increases. But the last week has seen a noticeable shift in direction.
To put it simply, TAO has seen a significant drop recently. Specifically, at the moment I’m writing this, Bittensor is being traded at $578. This represents a decrease of 6.80% in just one day and a minor dip of 1.11% over the last week.
Earlier, TAO was showing a steady growth trend with an increase of 98.68% in its monthly charts. Even though it’s currently experiencing a dip, the rise in whale activity suggests that the altcoin is still active.
TAO whales dominate the market
According to the report by Hyblock Capital TAO whales stands out on the Crypto Rankmap.
According to this analysis, whales have a greater presence in the market than retail traders. Therefore, when the value is high, it indicates that more whales are holding long positions rather than retail traders. In other words, the majority of whales are opting for long positions over retail traders.
Based on Hyblock’s findings, for the last three months, the leading market participants have held about 77% of all long positions, leaving approximately 23% to be occupied by individual or smaller-scale traders.
In the given scenario, the term ‘delta’ indicates that whale investors are noticeably optimistic regarding TAAO, as they have been making multiple long positions. This suggests they believe the price of TAO will rise.
What does it mean for TAO?
According to Hyblock’s observations, there’s a strong feeling among top traders that the market is poised for an upward trend in the short term.
According to AMBCrypto’s examination, the altcoin appears to be on a robust uptrend, as buyers continue to hold sway over the market.
To put it simply, when we look at the Advance Decline Ratio (ADR), which currently stands at 2.84, it indicates a situation where more stocks are advancing (rising) than declining (falling). This suggests that the market is showing a widespread bullish trend, as purchasing activity is outpacing selling in the market.
Therefore, it seems that for each setback, there are approximately 2.8 assets progressing, suggesting that TAO is having more successes than failures.
Moreover, over the last week, TAO’s funding rate, grouped by exchange, has consistently been positive. This indicates that there are more traders opting for long positions rather than shorts, with long position holders paying a fee (funding) to maintain their positions during market downturns.
The increasing number of long positions is reinforced by a persistent positive Open Interest (OI) funded rate over the past three weeks. This positive OI-weighted funding rate indicates that many traders expect prices to go up in the near future.
Read Bittensor’s [TAO] Price Prediction 2024–2025
Simply put, Bittensor is experiencing market favorability, with most traders taking long positions.
In other words, just like whales and retailers, we too are planning to hold on for the long haul, indicating a strong belief in the market’s future. If this positive market sentiment continues, TAO is expected to take advantage and attempt to surpass the next major resistance level at around $620 in the near future.
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2024-10-17 15:36