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- 1 TAO crypto price is trading above the key moving averages showcasing bullishness in the price.
- 2 Bittensor price analysis highlights the uptrend in the crypto as buyers are looking active.
TAO, the cryptographic lifeblood of the Bittensor network, is an ERC-20 token that fuels a decentralized machine learning ecosystem on the blockchain. This network champions a cooperative training model for machine learning algorithms, where contributions are measured and compensated in TAO based on their informational merit to the collective.
Bittensor stands as a beacon of open-source innovation, utilizing blockchain’s distributed ledger technology to foster the growth and dissemination of AI solutions with unmatched efficacy. It champions unrestricted access, collective ownership, and decentralized decision-making, all while tapping into a worldwide pool of computational resources and ingenuity, incentivized to propel the network forward. Moreover, Bittensor provides a universally accessible treasury of AI knowledge.
The TAO token incentivizes the collaborative training of machine learning models, rewarding them for enriching the network’s collective intelligence. It also facilitates external engagement, enabling users to harness insights from the network and tailor its offerings to align with their specific requirements.
TAO Crypto Price vs Volume Analysis
The volume and price graph displayed that the trading volume has increased in the last few days and the price has also inclined. In the last few days, the price has grown significantly. Hence, the price is expected to grow in the long term.
TAO Crypto Social Dominance vs Social Volume
Based on the social dominance and social volume graphs, the social dominance and social volume have been increasing for the last few months which has left a positive impact on the price. Furthermore, the momentum of the TAO price may depend upon the change in social dominance and volume dominance.
Technical Analysis Of TAO Crypto Price
BITTENSOR (TAO) price is gaining momentum and broke trading the 20, 50-day EMAs, indicating bullishness in the previous trading sessions. The chart also indicates buyers’ presence in crypto at the moment.
The cryptocurrency has repeatedly reached the demand area of $500 and rebounded with support. Buyers have gained momentum and are targeting the $700 level in the upcoming sessions.
The chart pattern indicates that the cryptocurrency has experienced a lot of instability in previous trading sessions, with numerous rejections from the supply zone of $760. However, the cryptocurrency found support near the $500 levels, which helped it rebound and move within a narrow range.
Furthermore, the path of the cryptocurrency suggests that above $700 is a bullish zone, and a surge could occur. However, if there is more rejection, the cryptocurrency will continue to trade in the congestion zone. Similarly, below $500, bearishness could increase.
The BITTENSOR cryptocurrency (USD: TAO) is currently trading above both the 50-day and 20-day exponential moving averages (EMAs), which is a positive indicator. If additional buyers enter the market, the price could continue rising, creating higher peaks and a bullish trend. Therefore, based on the daily time frame chart, it appears that the BITTENSOR price is likely to increase.
Summary
The BITTENSOR (TAO) cryptocurrency has broken the 20 and 50-day EMAs, indicating bullishness. Buyers are present in the crypto market and are targeting the $700 level. The cryptocurrency has experienced instability but found support near the $500 levels. Above $700 is a bullish zone, and below $500, bearishness could increase. The cryptocurrency is above the 50-day and 20-day EMAs, highlighting a positive trend. Based on the daily time frame chart, BITTENSOR’s price could increase shortly.
Technical Levels
Support Levels: $600 and $500
Resistance Levels: $700 and 800
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 own research before making any financial decisions
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
