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Bittensor Price Breaks Silence With An 18% Rise: Eyeing $500 Bittensor Price Breaks Silence With An 18% Rise: Eyeing $500 Next? Bittensor price has made an explosive move after breaking out of a three month consolidation. The heightened investor sentiments have pushed nearly 18% in the last couple of months, with a potential short term target of $500. Following the recent Fed Rate cut, Bitcoin as well as several altcoins are making an upward trajectory amid improved sentiments. Bitcoin is approaching towards a major GETTEX:64K mark. It has ignited a fresh wave of speculation in the market. In the list of gainers, Bittensor seems to be one step ahead of all. The crypto has broken out of a long three month consolidation and has rewarded their investors with impressive gains. TAO price is on a 5 day gaining streak and has been a standout performer this week. Along with an 18% rise in the last couple of sessions, Bittensor price has surged over 45% in the last five sessions. Let's examine the factors contributing to the price hike along with anticipating further possibilities in the asset price. Derivatives Traders Leading The Charge Bittensor price had been in a consolidation phase since June which the price has recently broken out of. The bulls were in domination near the $213 level whereas the bears had established themselves near the $360 level acting as a supply zone. In tandem with price surge, the derivatives traders have also positioned themselves in order to take advantage of the price rise. As per sentiment, the Open interest contracts have surged from $288 Million to $416 Million in the last week indicating a 44% jump in the OI data. A strong surge in the open interest data indicates the derivatives traders and speculators aggressively betting on the long side which indicates further potential in TAO price. Moreover, the volume analysis shows that the transaction volume has surged from $59 Million a day to $193 Million a day indicating a heightened demand. The volume to market cap ratio at 6.2% suggests mild volatility. Can Bittensor Claim $500 This Week? At the time of writing, Bittensor price was exchanging hands close to $423.17 recording an impressive intraday rise of 13.1%. Along with the intraday surge, TAO has validated a breakout of a long three month consolidation phase. Earlier, the TAO price suffered rejection from higher levels in mid May and dropped. The price completed a 4-month cycle in the correction and consolidation phase which now seems to have ended. The bulls are leading the trend at the moment which could keep fueling the price higher in the short term. On the higher side, a straight gain till the next psychological $500 level is anticipated by the analysts. Also, the recent resistance of $360 level has been flipped and may offer support to TAO price if a pullback is observed on the charts. TAO has also surpassed the key 20 and 50 day Exponential moving averages flipping them into a dynamic support. Moreover, Both the MACD line as well as the signal line were placed above the zero line indicating a positive outlook ahead. A golden crossover along with divergence between both lines indicates a further advancement in TAO price.
BINANCE:TAOUSDLong
by Ritika_TCR
Will a $12 Million Influx Spark a Bullish Reversal for BittensorWill a $12 Million Influx Spark a Bullish Reversal for Bittensor? Meta Description: Bittensor price noted a strong bounce back from the monthly lows and surged nearly 40% a week Bittensor price made a strong recovery rising nearly 42% a week after getting buyers support from the monthly lows. The Open Interest contracts have noted an impressive 40% surge a week indicating an improved sentiment. Bittensor price noted a strong bounce back from the monthly lows and surged nearly 40% a week. The recent surge in the price hints at the formation of bottoming out and breakout of a correction phase. TAO's price had been in a correction phase since hitting an all time high in April 2024. Despite gaining over an impressive 40% a week, the long trend still awaits a bullish reversal above the $360 level. As of now, Bittensor was exchanging hands close to $305, recording a nearly 3.2% rise in intraday. Also, the on chain metrics have noted a significant change in the recent sessions indicating a continuation in the price. TAO is an open source, decentralized blockchain protocol. It has a live market capitalization of $2.19 Billion and ranks 34th in the cryptoverse. Open Interest Contracts Grows By 40% A Week In Tandem with a rise in Bittensor price in the last one week, there has been a notable development in the Open Interest contracts as per the analysts. As per the analysts, the Open interest contracts have surged by a massive 40% a week indicating the investors confidence. Source: app.santiment.net The OI data has surged from $18 Million to $32 Million a week rising nearly 12 Million. A 40% jump in the inflow highlights the improved confidence of the investors. As of now, the volume to market cap ratio was 2.54% suggesting low volatility. Moreover, the transaction volume increased by 2.52% a day to $58.78 Million indicating a rise in demand. Out of a total supply of 21 Million TAO tokens nearly 34.3% i.e. 7.2 Million tokens are currently in circulation. Is Bittensor (TAO) Ready For A Bullish Reversal The daily chart highlights a strong recovery from the monthly lows thus creating a double bottom pattern. A bullish breakout would be confirmed if the price manages to surpass the neckline of the double bottom pattern at $359. However, until the TAO price is maintained below the neckline of $359 it may maintain a correction phase. From a technical standpoint, Tao price has surpassed the 20 days and 50 day Exponential moving average indicating a bullish outlook in the short term. However, the bulls need to conquer the 200 day EMA in order to make a reversal. At the time of writing, the RSI line was placed at 50.4 points and that of the 14 day SMA line was placed at 44.60 points. Moreover a bullish crossover between both the lines was observed indicating a recovery in the crypto. Bittensor price surged nearly 40% in a week, hinting at a potential breakout from its correction phase. Despite this rise, a bullish reversal would be confirmed above the $360 level. Currently trading around $305, Bittensor saw a 3.2% intraday increase. Open Interest contracts rose 40% to $32 million, indicating investor confidence. Moreover, the daily chart shows a double bottom pattern, with a bullish breakout above $359. TAO has surpassed the 20 and 50-day EMAs, but needs to conquer the 200-day EMA for a reversal. RSI and SMA lines indicate a recovery trend.
BINANCE:TAOUSDLong
by Ritika_TCR
Bittensor Bounces From The Support: Can It Continue to Rise? Bittensor Bounces From The Support: Can It Continue to Rise? Bittensor price seemed to be improving after taking rebound from a psychological $200 Level. The development activity has shown an upward trajectory highlighting major changes and updates in the loop. Bittensor (TAO) took rebound from the psychological $200 level and surged higher towards the 20 day EMA. The price noted some signs of recovery after the bulls established their presence near the demand. Earlier, Bittensor had been on a free fall since 1st week of June crashing nearly 30% a month and over 50% in the last three months. The weakness in the broader market added more to the worse and TAO price suffered. However, the broader market has been on a recovery nowadays which may help Bittensor price recovery. Moreover, there has been a notable change in the development activity which may affect the price. Development Activity On The Rise The recent sessions have experienced some sort of recovery after a strong downtrend. The long term trend outlook favors the bears which may make it difficult for the price to rise. However, the preluding sentiment may change as there has been a notable development in the few on-chain metrics. As per the data obtained from app.santiment.net website, there has been a notable shift in the development activity curve. The development activity curve was headed upwards indicating a positive growth in the cryptocurrency. The development activity reflects the level of activity in the form of undergoing projects and developments in the cryptocurrency. Bittensor is an open-source protocol that enables a decentralized, blockchain-based machine learning network. In this network, machine learning models train collaboratively and earn TAO tokens based on the informational value they provide to the collective. Bittensor ranks 48th in the cryptocurrency market, with a live market capitalization of $1.78 billion. Bittensor (TAO) Technical Analysis. From a technical standpoint TAO's price has shown some signs of recovery in the recent sessions indicating an improved sentiment among the investors. The daily chart highlights a bearish trend prevailing as the price hovers below the key 20 and 50 day Exponential moving average. Moreover, connecting the recent swing high and low it was observed that the TAO price has surged above the 0.23 level of Fibonacci indicating a pullback. Bittensor could now rise towards the 0.5 level or golden zone of Fibonacci at $300 level. Moreover, the $300 may act as a crucial zone for the price. A successful closing above this level may signal a bullish breakout or trend reversal. on the contrary if the price suffers rejection near the $300 level it may show sharp decline indicating a bearish continuation. Can Bittensor Mark A Bullish Reversal? Bittensor (TAO) took a rebound from the $200 level, showing signs of recovery. The price was headed towards the 20-day EMA after a significant downtrend. Recent sessions indicate improved sentiment, supported by positive on-chain development activity. The technical outlook reveals that TAO price was still below key moving averages but has surged above the 0.23 Fibonacci level, suggesting a pullback. The $300 level is crucial; a close above it may signal a bullish breakout, while rejection could lead to a bearish continuation.
BINANCE:TAOUSDLong
by Ritika_TCR
Bittensor (TAO)Bittensor (TAO) Bittensor is an open-source protocol for a decentralized machine learning network, rewards collaborative model training with TAO tokens based on their contributed informational value. The price action analysis reveals that Bittensor crypto has been declining since April following a declining parallel channel pattern. The price has recently taken a rebound from the lower boundary and a psychological level of $200 and may surge towards the upper boundary of the channel. Despite the long term trend being bearish, the short term trend may show gains if the price resumes above the previous day’s high. On the higher side, the $250 and $300 may act as a hurdle for the buyers.
BINANCE:TAOUSDLong
by Ritika_TCR
TAO Price Drops 42% From ATH: More Downfall Ahead Or A Buying OpThe TAO price climbed to its all-time high shortly after being listed on Binance. After a significant increase, the TAO initiated a correction and has fallen by 42% from its ATH. TAO's price surged to a new all-time high of $767 on April 11th, following its recent listing on Binance. However, it experienced a correction afterward. This could present a good opportunity for potential investors to buy TAO at a discounted price. By the time of writing, the Bittensor (TAO) price has corrected by over 40% in the past two weeks. Despite the 42% drop in TAO's price from its all-time high, there are opportunities for investors to take advantage of the situation. Is It the Right Time To Invest In Bittensor (TAO)? "If you're seeking promising gains, investing in Bittensor (TAO) might be worth considering. Let's explore why it might be the right time to invest in this opportunity." on a broader scenario, The two leading cryptocurrencies, Bitcoin and Ethereum, are currently experiencing a bullish trend and are hovering close to their all-time high prices. This can be seen as a positive sign for the broader crypto market. On the flip side, the Bittensor cryptocurrency is currently trading at a price that is 42% lower than its time-high value. This suggests that the asset is undervalued and its price may have the potential to rise in the future. In fact, the depreciation may be a welcome opportunity for new buyers to get in at a discount ahead of a potential future rally. Nonetheless, the trading chart of Bittensor's token has followed a slightly different narrative compared to more mainstream cryptocurrencies over the last three months. Despite a price drop in recent weeks, there has been a noticeable surge in development activity. This trend indicates that significant updates and improvements are underway in the Bittensor crypto, with the potential for long-term growth and prosperity. TAO Crypto Drops Below $500, Should Buyers Worry? After a substantial increase in value in the first week of April 2024, the TAO crypto has experienced selling pressure and is now down 42% from its all-time high (ATH). Currently, the cryptocurrency is trading near $443, recording a swift intraday gain of 0.28%. The Bittensor price is attempting to establish a strong base above the $400 level. On the upside, the breakdown below $500 has confirmed the dominance of sellers near that level. Any upward movement is likely to face resistance near the $500 mark. However, in order to change the short-term trend in their favor, buyers need to establish a solid foundation at lower levels. Consolidation at lower levels may aid buyers in accumulating and reversing the trend. On the 4-hour chart, the price has fallen below the key EMAs, indicating the prevalence of sellers. From a technical standpoint, both the MACD and RSI indicators support this possibility. The RSI's bearish divergence trend line remains intact, and the indicator is below 50. Additionally, the MACD is trading below the zero line. Conclusion. Bittensor (TAO) crypto experienced a correction after reaching an all-time high of $767 on April 11th. It might be an opportunity for potential investors to buy TAO at a discounted price. TAO Crypto is currently trading 42% lower than its time-high value, suggesting that the asset is undervalued and its price may have the potential to rise in the future. However, despite a 42% drop in TAO's price from its all-time high, there are opportunities for investors to take advantage of the situation. Currently, The crypto is attempting to establish a strong base above the $400 level. To change the short-term trend in their favor, buyers need to establish a solid foundation at lower levels. Technical levels: Support levels: $435.8 and $399.8 Resistance levels: $517.05 and $577.33 Disclaimer The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
BINANCE:TAOUSDLong
by Ritika_TCR