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Bittensor price is pumping hard, recording a 70% surge in nine days that’s causing investors to wonder if it is too late to buy TAO.
Over the last day, the altcoin is up 10% to the current price of $79.10, with the potential for more gains as momentum remains strong. Equally, investor appetite for the cryptocurrency remains strong, evidenced by the 130% increase in trading volume over the last 24 hours, data on CoinMarketCap shows.
“TAO is the Bitcoin of AI,” according to one crypto trader and analyst on Crypto X, who anticipates Bittensor to lead the crypto parade in the artificial intelligence arena.
$TAO will be a leader for #AI in the future. This is an opportunity to invest in the #Bitcoin of AI at $80. #Bittensor #TAO #Blockchain pic.twitter.com/LQg6OcrokD
— Altcoin Hero (@Altcoin_Hero_) October 28, 2023
Even after the surge, some investors are still wondering whether there is more upside potential for Bittensor as the TAO token rages on.
Forget 4 digits…. 🤔
Does $TAO hit 5 digits this bull run 🧐?#TAO @opentensor pic.twitter.com/2oFIh4UBCa
— The Professor 🕵🏽 𐤊 ₳Ѳ (@AzeroPapi) October 28, 2023
The token’s fire continues to burn on after investors capitalized on the $53.00 and $50.00 dips, suggesting that the trick is to identify and get in on the trend as early as possible.
Holy shit $TAO – @opentensor is on fire!!! 🔥🔥🔥💰💰💰
At $67.80 now LFG!!!📈
We capitalized on the $53 and $50 dip buys 💪
Many in our community bought below $50 too!
LFG $TAO community – we are on the road to $1000 per #TAO and higher! 🚀📈💰💰💰
Long term, $TAO just on… pic.twitter.com/lZ8JSLeDjX
— Braver Crypto (@BraverCrypto) October 24, 2023
On the daily timeframe, the price action of Bittensor broke out from a descending parallel channel, a bearish technical formation, to record the run. Meanwhile, the number of TAO token holders continues to surge, with more than 100 new community members coming in over the last day.
+88 new #WTK #Hodlers past 24 hours! 🍾
Total future $WTK #Millionaires=7012 🤑
We are going to smash through 10K!
🚀🚀🚀When do you think we will hit 10K? #QNT #TAO #XRP #XDC #XLM #ALGO #HBAR #Bitcoin #LFG https://t.co/pviNlg9OiU
— Nick $WADZ🇺🇸 (@Crypto_Viking11) October 28, 2023
Even after the surge, the weekly timeframe still has more gains for the Bittensor price, which will only be realized if TAO shatters past a critical resistance.
$TAO / $USDT – Daily Timeframe#TAO Broke out this week and is now running into some critical resistance.
Breaking this horizontal level would mean that we continue the bullish momentum.
Let’s see what #Bittensor can do at this point. pic.twitter.com/ggtIB4Y5gi
— Crypto Yapper (@CryptoYapper) October 28, 2023
Why Bittensor Price Pumped 70%
Bittensor price is pumping hard, joining the rest of the altcoins in following Bitcoin (BTC) north as part of what looks like the beginning of a broader uptrend. As analysts discuss whether the bull run is here, AI crypto coins take the front-row seats for gainers, perhaps explaining why TAO is this bullish.
Its peers, including Fetch.ai (FET), SingularityNET (AGIX), Injective (INJ), and Render (RNDR) are up 15%, 10%, 15%, and 10% respectively as altcoins benefit from capital overflows from the BTC rally.
Bittensor Price Prediction As TAO Confronts Key Barrier
Bittensor price is going head-to-head with a crucial barrier at $80.00, a multi-month resistance level. A solid move above this level could open the skies for a continuation of the trend. Possibly, this could go as far as the $90.00 psychological level. In a highly bullish case, Bittensor price could extend to collect sell-side liquidity residing above that level.
The balance is still in favour of the bulls with buyer momentum sprouting from the demand zone, which extends from $45.31 to $48.20. Bulls who bought TAO at this price range are 70% in profit now. Meanwhile, those who bought during the $69.45 correction are in 15% profit at the current price.
As there is still more upside potential for Bittensor price, it may not be too late to buy TAO. However, longs should probably wait for a decisive move above the $80.00 barrier for confirmation. If sidelined investors come in, the AI crypto coin could actualize the forecasted climb to the $90.00 level, constituting a 13% climb above current levels.
On momentum metrics, TAO bulls remain hungry despite TAO being overbought. The Relative Strength Index (RSI) at 82 remains northbound, showing rising momentum. In the same way, the Awesome Oscillator (AO) histogram bars are green and erect in the positive territory, suggesting bulls are at the helm of the Bittensor market. This adds credence to the bullish thesis.
Converse case
On the flip side, after the bold run, investors who bought TAO within the demand zone or during the $69.45 entry are likely to start booking profits for 70% and 15% gains. The ensuing selling pressure could cut the rally short for TAO, causing a pullback in Bittensor price. Remember, the token is massively overbought as it stands, hinting at a possible correction around the corner.
A southbound move could hurt long-term investors and liquidate millions if not billions of TAO longs. However, the bullish thesis will only be invalidated once the Bittensor price breaks and closes below the lower boundary of the demand zone at $45.31. In the dire case, the slump could extend for Bittensor price to collect buy-side liquidity residing underneath.
Meanwhile, investors are already looking for promising alternatives to spread their risks. In this regard, MK is first in line, a presale token predicted to record massive gains in 2023.
Bittensor Alternative
MK, featuring among the top three initial coin offerings (ICOs) to buy in October, is the powering token for the Meme Kombat ecosystem. It is a stake-to-earn project, offering participants entry into the battle arena with meme character contestants of their choice. Choose your winner.
You can pick one to fight alongside you, the rest are against you.
Who you picking? ⚔️ pic.twitter.com/sZOGmoFEss
— Meme Kombat (@Meme_Kombat) October 17, 2023
Meme Kombat presale is still underway, with one MK token selling for $0.1667 in the current stage set to end in just about 4 days. The price will increase then, meaning now is the best time to buy MK.
🔥 #MemeKombat UPDATE 🔥
Staged Presale = ON
▪️ NOW: 0.1667 USD
▪️ Nov 2nd: JUMPS to 0.1833 USDThe timer is set! Secure your $MK before the rise! ⏰ pic.twitter.com/LMreT8M2Ce
— Meme Kombat (@Meme_Kombat) October 23, 2023
So far, it’s raised almost $852,000, more than 85% of the $1 million target. Do not miss out on this opportunity for any reason.
One does not simply…
But we did it. We passed $800k in presale fighters🤜 🤛 pic.twitter.com/dVT8fUYI0p
— Meme Kombat (@Meme_Kombat) October 28, 2023
What’s more, you can stake your MK tokens upon purchase, with high rewards, as Annual Percentage Yields (APY) reach 112%.
Just a simple to earn apy 112% of @Meme_Kombat #MemeKombat pic.twitter.com/dzZgVzssOY
— anak kusamʕ´•ᴥ•`ʔ❤️ Memecoin (@nurohman_ijal) October 8, 2023
Battle your favourite meme tokens by visiting the Meme Kombat website to buy MK in the presale here.
Also Read:
New Crypto Mining Platform – Bitcoin Minetrix
- Audited By Coinsult
- Decentralized, Secure Cloud Mining
- Earn Free Bitcoin Daily
- Native Token On Presale Now – BTCMTX
- Staking Rewards – Over 100% APY
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