Bittensor Price Prediction as TAO Hits a New All-Time High – Is the Peak Near?
The Bittensor price has jumped by 5.5% in the past 24 hours, with the altcoin’s price settling at $653 after reaching an all-time high of $698.60 in the early hours of the morning.
TAO has now risen by 31% in a week and by 143% in the last 30 days, with the token also having gained by more than 500% since listing in March 2023.
Its gains are largely the product of Bittensor’s status as a decentralized machine learning network, with growing hype regarding AI helping to attract investors.
And while it may be about to correct in the near term, ongoing interest in AI is likely to keep pushing it higher in the longer term.
TAO’s chart reveals a token with plenty of momentum right now, albeit one which may have peaked and could therefore be on the way down.
Its 30-day average (yellow) has been well above the 200-day (blue) since mid-November, yet in recent weeks it has raced aggressively beyond the longer term average, suggesting that a correction may be coming.
Likewise, TAO’s relative strength index (purple) neared 80 last night, yet it has become to dip slightly, again foreshadowing a possible downturn.
Despite these signs, the coin’s 24-hour trading volume remains at a record high, rising from $5 million barely a month ago to $40 million today.
What’s particularly bullish about TAO is that it’s still waiting for listings on various major exchanges, with the likes of Binance, Kraken, Bitstamp and Coinbase yet to add the coin.
#Bittensor is now a Top 25 project
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