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Bittensor (TAO) leads the AI token recovery with impressive gains, leading to a breakout rally. Will the rally cross $400 amid a broader market revival?
As the broader market recovers, despite the Bitcoin price being stuck at $60,000, the bulls are back in motion. A bullish recovery in the top AI and big data has increased the segment market cap from $18.21B to $25.09B.
Further, the volumes have increased to $1.32 billion. The top performers in the segment are TAO, RNDR, and AIOZ with 12.35%, 7.91% and 7.54% respectively in the last 24 hours.
Among the top performers, the Bittensor (TAO) shows a massive recovery in motion with a decent 6.91% return in the past 30 days. In the past 24 hours, Bittensor has increased by 13.64% and 22.06% in the last seven days.
Bittensor Massive Gains and Breakout runs
With a market cap of $2.438 billion, Bittensor ranks at 33rd position in the crypto market and at third in the top AI and big data segment. Currently, the AI token trades at $332 with an intraday growth of 4.20% following the 7.72% growth last night.
In the daily chart, the Bittensor price showcases a falling channel pattern. The bearish channel accounts for a drop of 70%. However, a double-bottom reversal from the $216 support level results in a trend reversal.
Furthermore, the AI token shows a streak of 8 consecutive bullish candles amid the recovery. As the breakout rally challenges the previous swing high at $343, another breakout event could surge the Bittensor prices to $400.
Coming to the technical indicators, Bittensor has surpassed the 20, 50 and 100-day exponential moving averages and is challenging the 200-day EMA. The recent surge in bullish influence teases a potential positive crossover in the 20 and 50-day EMA.
The DMI indicator shows a positive crossover with an uptick in the DMI indicator. Hence, the momentum indicator shows a resurgence of buyers and a surge in trend momentum.
Will TAO Token Price Surpass $400?
A Fibonacci retracement is drawn over the downfall within the bearish channel, ranging from $728 to $216. The ongoing recovery run challenges the 23.60% Fibonacci level at $336.
The bullish breakout rally of $343 can find the next resistance at the 50% level at $272. Optimistically, potential bullish crossovers in the exponential moving averages will provide additional catalysts like different stages of the explosion to propel the TAO prices higher.
With a golden crossover in the coming future, the Bittensor price can hit the previous peak of $728. However, in the short term, conservative growth to $472 seems more likely.