Bittensor (TAO) Crypto Targets $1000 Amid Bullish Conviction

• The TAO crypto price jumped 10% intraday and retained the 20-day EMA cluster.
• TAO’s short-term bubble risk indicates it is still less risky to jump into a trade.

The Bittensor (TAO) crypto is moving up on the charts after witnessing a slight decline from the $750 zone in the last few sessions. It took support around the 50-day EMA mark, saw a rebound, and showed signs of uptrend continuation.

When writing, the Bittensor TAO price traded at $632.49, noting an intraday rise of over 10.29% and showing buyer accumulation. Its market cap surged to $4.67 Billion, ranked 36th among the top crypto coins.

TAO Price Prediction: $1000 on the Cards

Bittensor price prediction unveils a bullish stance, as a cup and handle pattern emerged on the weekly timeframe. It signaled that the altcoin could extend its upward journey toward the $1000 mark in the coming days.

A daily candlestick close above the $750 mark gives confirmation. The uptrend was intact and the higher high swings were noted on the multiple timeframes. In addition to the bullish pattern, the Elliott wave analysis of TAO crypto adds weight to the bullish thesis.

As per the analysis, TAO has completed the corrective phase ‘B’ and begun the rise to chase the bullish phase ‘C’. If the altcoin sustains gains above the $600 mark, it could propel the price toward a bullish trajectory. This crypto can aim for targets well above $750, followed by $800 in the coming days.

Moreover, surpassing the $800 zone could open the doors toward the psychological round mark of $1000 in the short term. The Relative Strength Index (RSI) line of the TAO crypto stayed in the bullish region. It had a reading of 52, which signals momentum buildup. It could trigger an upsurge in the short term.

Short-Term Outlook of TAO Crypto

The Bittensor chart provides a detailed view of the cryptocurrency’s price in conjunction with its short-term bubble risk, using a color-coded risk indicator to highlight potential speculative bubbles.

The blue line at the bottom represents price displays volatility over the period, which signifies that this is a rather volatile asset. The bubble risk in the short term is depicted in a graph below the price line, which ranges from blue (low risk) to red (high risk).

This visualization is crucial for investors who want to know the level of speculation at any time. The current latest value of bubble risk is 1.24, which is classified in the green ‘Business As Usual’ zone.

Futures Market Data Outlook

Derivatives Data from CoinGlass indicates increased market interest. Open Interest in perpetual contracts increased by 10.20% to $231.90 million, suggesting that traders have opened fresh long positions.

Moreover, the Long/Short Ratio conveyed a bullish bias, with Binance showing a ratio of 2.308 and OKX at 3.51.

Meanwhile, liquidation data over the past 24 hours totaled $80 Million, with $65k in long positions affected compared to $30k in shorts.

With a consistent uptrend, key support levels intact, and a rebound from the 50-day EMA mark, the TAO crypto seems poised for a short-term bounce. Moreover, it could reach $1000 in the coming days.

Disclaimer

This article is for informational purposes only and provides no 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.