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TAO, the altcoin that powers Bittensor’s decentralized machine learning network, has been gaining attention. Since mid-September, Bittensor crypto has been rallying and surging more than 70%, reaching the $650 mark.
For the past few weeks, Bittensor (TAO) price has outperformed the crypto market and displayed bull dominance. Among the top AI tokens, TAO has been a top performer that has rewarded its investors.
It has been gaining inside a rising channel and showed a vertical rally, gaining more than 30% in the last ten days. The TAO price targets the $700 mark as bulls have gained traction.
This week, the token’s price rebounded from the 20-day EMA mark and was attempting to break the $650 mark for an extended rally.
A successful breach of the $650 mark would trigger a short covering that may unlock the path to reach the $700 mark in the coming sessions.
Bittensor Crypto Sees Uptick in Buying Activity: What It Means?
Bittensor crypto has been a consistent outperformer and displayed an upward rally in the past few weeks. It was mired in a parabolic upward movement and gained massive bullish traction.
Recently, a range breakout occurred, and TAO crypto escaped the two-month range. That resulted in TAO price surges of up to 70% till now. Now, bears have tried to secure the $650 mark and are looking to beat the roaring bulls.
Fueled by strong buying interest, the trading volume surged over 110% within a week alongside the price surge of over 30%, hints at sustained buying activity.
TAO was trading at $652.30 at press time, noting an intraday rise of over 13.47%. Its market cap was $4.72 Billion and it was the 22nd largest crypto.
The crypto noted a golden crossover between the 50-day and 100-day EMA, which triggered a massive bullish rally.
Crypto Trader Zen said in his post that the last chunk of supply is being absorbed around the $650 mark. As massive liquidity entered TAO, a further rally toward the $750-800 mark could be seen by the end of this year.
$TAO soon
— Zen 🎈 (@Zen_Trades1) October 12, 2024
Heavy spot bid all the way up. Last chunk of supply being consumed between $550-$650
As 2025 approaches liquid funds have two options if they want to outperform:
a) buy memes – selection difficult, hard to explain to LPs ("we uhh, invested in cults?")
b) buy TAO -… pic.twitter.com/UafCFWlXYl
As per the Fibonacci retracement levels, Bittensor crypto has sustained gains above the 61.8% zone and remained in the overbought zone.
Bittensor Price Analysis: What Do Technical Indicators Say?
Bittensor crypto delivers a steady uptrend and continues to form higher highs. It has climbed above the key EMAs and witnessed bullish momentum.
The rising 20-day and 50-day EMA hints at the heightened buying activity and TAO price surges in future.
The Relative Strength Index (RSI) line rested above the midline region around 66, conveying a rising buying pressure.
The Open Interest (OI) rose over 23.26% to $210.67 Million, representing a massive long buildup activity over the past 24 hours.
The immediate support zones were $620 and $600, whereas the resistance levels were $680 and $700.