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Qadir AK
Qadir AK
Author
Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.
- Sep 23, 2024 07:01 UTC
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Bittensor Price Prediction: TAO Climbs 131% as AI Cryptos Gain Traction
TAO price has surged 131% in two weeks due to bullish crypto market and strong fundamentals.
Technical indicators suggest continued bullish momentum for TAO, but potential resistance levels exist.
Long-term outlook for TAO is positive, driven by the anticipated altseason and growing AI adoption.
Bittensor (TAO), a fast-growing blockchain project focused on decentralized artificial intelligence (AI), has seen impressive gains as the broader crypto market enjoys a bullish outlook, driven by the gold rally and the Fed’s recent rate cut. In the past two weeks, $TAO’s price jumped over 131%, reaching around $575 during Monday’s early European session.
As a result, the mid-cap altcoin, with a fully diluted valuation of about $12.1 billion and a daily average trade volume of around $366 million, has signaled the onset of a fresh bull run. For the first time since January 2024, TAO’s daily Relative Strength Index (RSI) rallied above the 70 percent level, indicating the bulls are in control.
On the weekly chart, TAO’s price has consistently stayed above the 50-day Moving Average (MA), suggesting more gains may come soon.
Bittensor (TAO) Price Analysis – What’s Next?
Technically, TAO may face resistance between $560 and $590, which could lead to a brief pullback before continuing its rise toward a new all-time high. If it follows the bullish pattern seen in Q4 2023, TAO could keep climbing in the weeks ahead.
Nonetheless, if Bitcoin price retraces below $60k before the end of September, the TAO price could retest the support level of around $357.
Positive Outlook for TAO
Looking further ahead, a potential altseason, triggered by a decline in Bitcoin’s market dominance, could push TAO into a strong upward trend.
The Bittensor network has grown rapidly, with over 102,000 accounts and more than 2.5 million on-chain transactions. The rise of artificial intelligence, seen in the rapid growth of companies like Nvidia, has fueled strong interest in AI-related crypto projects like Bittensor.
With its strong fundamentals, technical indicators, and the growing demand for AI, TAO could be the next big thing in the crypto world.
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