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- 1 The TAO price climbed to its all-time high shortly after being listed on Binance.
- 2 After a significant increase, the TAO initiated a correction and has fallen by 42% from its ATH.
TAO price surged to a new all-time high of $767 on April 11th, following its recent listing on Binance. However, it experienced a correction afterward. This could present a good opportunity for potential investors to buy TAO at a discounted price.
By the time of writing, the Bittensor (TAO) price has corrected by over 40% in the past two weeks. Despite the 42% drop in TAO’s price from its all-time high, there are opportunities for investors to take advantage of the situation.
Is It the Right Time To Invest In Bittensor (TAO)?
“If you’re seeking promising gains, investing in Bittensor (TAO) might be worth considering. Let’s explore why it might be the right time to invest in this opportunity.”
on a broader scenario, The two leading cryptocurrencies, Bitcoin and Ethereum, are currently experiencing a bullish trend and are hovering close to their all-time high prices. This can be seen as a positive sign for the broader crypto market.
On the flip side, the Bittensor cryptocurrency is currently trading at a price that is 42% lower than its time-high value. This suggests that the asset is undervalued and its price may have the potential to rise in the future.
In fact, the depreciation may be a welcome opportunity for new buyers to get in at a discount ahead of a potential future rally. Nonetheless, the trading chart of Bittensor’s token has followed a slightly different narrative compared to more mainstream cryptocurrencies over the last three months.
Despite a price drop in recent weeks, there has been a noticeable surge in development activity. This trend indicates that significant updates and improvements are underway in the Bittensor crypto, with the potential for long-term growth and prosperity.
TAO Crypto Drops Below $500, Should Buyers Worry?
After a substantial increase in value in the first week of April 2024, the TAO crypto has experienced selling pressure and is now down 42% from its all-time high (ATH). Currently, the cryptocurrency is trading near $443, recording a swift intraday gain of 0.28%.
The Bittensor price is attempting to establish a strong base above the $400 level. On the upside, the breakdown below $500 has confirmed the dominance of sellers near that level. Any upward movement is likely to face resistance near the $500 mark.
However, to change the short-term trend in their favor, buyers need to establish a solid foundation at lower levels. Consolidation at lower levels may aid buyers in accumulating and reversing the trend.
On the 4-hour chart, the price has fallen below the key EMAs, indicating the prevalence of sellers. From a technical standpoint, both the MACD and RSI indicators support this possibility. The RSI’s bearish divergence trend line remains intact, and the indicator is below 50. Additionally, the MACD is trading below the zero line.
Conclusion
Bittensor (TAO) crypto experienced a correction after reaching an all-time high of $767 on April 11th. It might be an opportunity for potential investors to buy TAO at a discounted price. TAO Crypto is currently trading 42% lower than its time-high value, suggesting that the asset is undervalued and its price may have the potential to rise.
However, despite a 42% drop in TAO’s price from its all-time high, there are opportunities for investors to take advantage of the situation. The crypto is close to establishing a strong base above the $400 level. To change the short-term trend in their favor, buyers need to establish a solid foundation at lower levels.
Technical levels:
- Support Levels: $435.8 and $399.8
- Resistance Levels: $517.05 and $577.33
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.
