TAO Crypto Has Strong Potential To Hit New Highs, Here’s Why?

• TAO crypto price is trading at crucial levels.
• The price of the Bittensor crypto has advanced by 680% in the last 1 year.

Bittensor (TAO) is an ERC-20 token that powers a decentralized, blockchain-based machine learning network. Models train collaboratively, earning TAO for their informational value.

Created by Jacob Steeves and Ala Shaabana, Bittensor promotes open access, decentralized governance, and an open-source repository for global machine intelligence.

The fear and greed index of the Bittensor crypto is at 78, showing extreme greed among the investors.

The crypto liquidity is relatively low, resulting in a volume/market cap ratio of 1.57%, followed by a traded volume of $43.68 Million in the last 24 hours from the press time. 

The traded volume for the crypto further has advanced by 22% over the last 24 hours, following which the market cap has also advanced by 1.23%. The latest data shows Bittensor crypto’s market cap ranking is #43.

The fully diluted market cap of the crypto is $8.539 Billion, and the maximum supply of the crypto is 21.0 Million TAO, like Bitcoin. The crypto has an outstanding market presence followed by a market cap dominance of 0.11%.

What do Derivatives have for Bittensor?

A decline in the liquidation activity of the Bittensor crypto can be seen in Coinglass’s liquidation chart.

In the last 24 hours from press time, Bittensor has witnessed a long liquidation worth $34.14K, against which the recorded short liquidation for the crypto is $20.10K.

The derivatives trading volume of the crypto further is static trading with a small advance of 2.2% in the last 24 hours. The open interest has also advanced by 1.19%, resulting in $77.30 Million.

TAO Crypto Technical Analysis

The price of the TAO crypto has been following a strong downtrend over a long period. 

The following bearish trend of the TAO crypto has led to the formation of a falling wedge pattern on the daily chart. The crypto price currently resides at the higher band of the pattern.

If the price breaks out above the wedge pattern and sustains above the same, it might lead to higher levels and break above the all-time high price.

TAO/USD Chart by TradingView

The TAO crypto price was trading below the 50-day EMA at press time and showed weakness in the crypto trading price. If the price gains momentum and breaks above the 50-day EMA by closing above the same on the daily timeframe, a gain in price might be seen.

The MACD indicator gave a neutral signal on the daily chart as the MACD and the signal line overlapped and traded in a negative trajectory.

The RSI broke above the 50-level and was sustained above the same, followed by the breakout above the 14-day SMA. This shows bullishness in the price of the crypto.

Summary

TAO crypto has seen a 680% increase in the past year, indicating strong potential. Despite low liquidity, it holds a market cap ranking of #44 and a fully diluted market cap of $8.539B. 

Technical analysis suggests possible bullish momentum if it breaks above the falling wedge pattern and 50-day EMA.

The support levels for the TAO crypto are $340.0 and $380.0, followed by the resistances of $490.0 and $530.0.

Disclaimer

This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.