Story Highlights
TAO price has surged 131% in two weeks due to bullish crypto market and strong fundamentals.
Technical indicators suggest continued bullish momentum for TAO, but potential resistance levels exist.
Long-term outlook for TAO is positive, driven by the anticipated altseason and growing AI adoption.
Bittensor (TAO), a fast-growing blockchain project focused on decentralized artificial intelligence (AI), has seen impressive gains as the broader crypto market enjoys a bullish outlook, driven by the gold rally and the Fed’s recent
rate cut
. In the past two weeks,
$TAO’s price
jumped over 131%, reaching around $575 during Monday’s early European session.
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As a result, the mid-cap altcoin, with a fully diluted valuation of about $12.1 billion and a daily average trade volume of around $366 million, has signaled the onset of a fresh bull run. For the first time since January 2024, TAO’s daily
Relative Strength Index
(RSI) rallied above the 70 percent level, indicating the bulls are in control.
On the weekly chart, TAO’s price has consistently stayed above the 50-day
Moving Average
(MA), suggesting more gains may come soon.
Bittensor (TAO) Price Analysis – What’s Next?
Technically, TAO may face resistance between $560 and $590, which could lead to a brief pullback before continuing its rise toward a new all-time high. If it follows the bullish pattern seen in Q4 2023, TAO could keep climbing in the weeks ahead.
$TAO
chart is insane, I never bought it. I think this goes to at least 560 before a pullback, maybe even higher. dips are for buying
pic.twitter.com/YB4y7cZ5xx
— Altcoin Sherpa (@AltcoinSherpa)
September 23, 2024
Nonetheless, if
Bitcoin price
retraces below $60k before the end of September, the TAO price could retest the support level of around $357.
Also Read :
Ethereum Investor Earns $131 Million by Holding During 2022 Crypto Crash
,
Positive Outlook for TAO
Looking further ahead, a potential altseason, triggered by a decline in Bitcoin’s market dominance, could push TAO into a strong upward trend.
AI History is being made
Distributed Training on Bittensor
Made possible with
@MacrocosmosAI
+
@manifoldlabs
+
@const_reborn
pic.twitter.com/ruV4eylLaa
— Openτensor Foundaτion (@opentensor)
September 21, 2024
The Bittensor network has grown rapidly, with over 102,000 accounts and more than 2.5 million on-chain transactions. The rise of artificial intelligence, seen in the rapid growth of companies like Nvidia, has fueled strong interest in AI-related crypto projects like Bittensor.
With its strong fundamentals, technical indicators, and the growing demand for AI, TAO could be the next big thing in the crypto world.
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Altcoins
Price Analysis
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