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Bittensor (TAO) is an open-source protocol that powers a decentralized network. Bittensor (TAO) price represented a massive spike and showed a bullish resurgence, followed by the retest of the channel’s upper edge support of $220.
Amidst the mixed cues floated in the market, the token’s price action noted significant buying interest and buyers’ optimism.
TAO’s performance at the start of August was bullish. It was accompanied by a 100% increase to a resistance of $350 in a single week.
However, the bulls were trying to cross the cluster of $350. They have anticipated crossing the 100-day EMA mark for the next bullish leg beyond it.
Based on the ongoing price action, TAO has made a fresh higher high after a couple of lower lows. It is ready to lift the gains above $400 soon.
At press time, the TAO was trading at $308.20 with an intraday surge of 7.30%, reflecting bullish traction on the chart. It has a monthly return ratio of 20.30% and 29.30% yearly, reflecting short-term consolidation.
Bittensor TAO price Seems Poised for Breakout: Rally Imminent?
The one-day chart analysis of Bittensor reflected that a sharp upward move is on the brink. Buyers anticipated a massive breakout ahead.
A sharp accumulation in the token’s price was witnessed with the improved sentiments and significant recovery.
Afterward, the token represented a three-day winning streak, closed in green, and lifted over 100% this week.
Following the classic reversal, the token reached the most crucial resistance mark of $350 and eyed the $500 mark this month.
Notably, the RSI curve showed a sharp vertical spike and reverted from the oversold region. A reading of 58 hinted at the buyer accumulation on the chart.
Similarly, the MACD indicator plotted a bullish crossover and suggested a sharp bullish trend ahead.
@Sleuth, in his tweet, said that TAO took a reversal from its support zone of $200. It retained the upward trajectory, displaying a bullish resurgence.
$TAO been outperforming 99% of the market and is nearly back to the levels it was at pre the BTC dump
— mcSleuth (@0xSleuth_) August 9, 2024
meanwhile other AI coins are lagging behind and still have some ways to go
I'm mainly watching $NMT and $DEAI for signs of a sustained rally, they both have ways to go pic.twitter.com/HNBC4fz00L
The ongoing price action favored long traders betting on the rise and continuing to accumulate. With the sharp recovery, the bear cartel looked trapped and stayed on the back foot.
Weighted Sentiment and Volatility Triggered a Rise
This week, the token has delivered sharp volatile moves, and major fluctuations in the price volatility curve were observed. It signaled the investors’ optimism and trading activity for TAO.
Following the price reversal, the investors looked confident and started accumulating the token. It resulted in a massive upliftment of over 100% this week.
The weighted sentiment data noted an intense spike and soared over 32%, around the 2.17 mark in the positive trajectory.
Total Liquidation Chart Overview
The last three trading sessions noted a sharp surge in the short liquidations. At press time, the short liquidations were indicated at $27.20k, while the long liquidations were noted at $17.29k.
This significant liquidity crunch implied that sellers were panicking, which might fuel the price rally ahead.
If the Bittensor token price crosses the 100-day EMA mark, it might shift the gains toward the upside of $400. The $430 mark would follow this in the short term.
Conversely, if the token faces rejection near $320, it may slip toward the $280 mark and then to the $250 mark.