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ThecoinrepublicCryptocurrencyBittensor (TAO) Price Plummets Over 12% Amid...
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Bittensor (TAO) Price Plummets Over 12% Amid Suspected Wallet Hack

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The decentralized Artificial Intelligence platform Bittensor (TAO) abruptly stopped operations, probably due to a security attack on users’ wallets. This suspicious activity triggered an over 12% drop in price in the last 24 hours.

TAO was trading in a consistent downtrend, revealing a major decline in the past few weeks. It traded close to its 52-week low mark of $240 and was under pressure.

Until the token does not retain the $270 mark, the selloff might continue, leading to further decline.

At press time, Bittensor token traded at $240.90, with an intraday decline of 11.36%, reflecting bearishness on the chart. It has a monthly return ratio of -360% and -43.49% yearly, reflecting a downtrend.

The pair of TAO /BTC was at 0.0000308 BTC, and the market cap was $121.59 Million. Analysts are neutral and suggest that the TAO price may continue to lose gains and would retest the $200 mark ahead.

Could TAO Resist the Selloff at Around $240?

According to Watchmaker, a moderator on Bittensor’s Discord, the blockchain will run safely for 24 hours.

TAO was trading in a downtrend, below the key moving averages, signifying the seller dominance.

Tao Price Volume Chart | Source: Santiment

Amidst the negative sentiments, the price action showed a follow-on decline. The token failed to hold the gains, resulting in a panic selloff. Sellers added short positions until it stayed below the 20-day EMA mark, which would unlock the doors toward the $220 mark.

In his X post, @Dippy.eth indicated that the Bittensor token looks weak and took a big hit.

A tweet by Dippy.eth | Source: X

The RSI curve stayed in the oversold region and produced a negative divergence, while a rebound seemed likely. TAO may retest the $250 mark in the next few sessions.

Sharp Spike in Price Volatility and Weighted Sentiment Data 

Following the price decline, the price volatility data displayed a sharp rise of over 320% to 0.057, revealing sharp speculation in the last trading session.

Weighted Sentiment Data (TAO) | Source: Santiment

Similarly, the weighted sentiment data conveyed a rebound and retained the midline region, reflecting a neutral outlook.

Social Dominance Data Reveals Spike

Ahead of the suspicious activity in the token, there was a sharp spike in the social dominance data, highlighting increased user activity on social media platforms.

Source: Santiment

Development activity data stayed at the top and was rising consistently, reflecting a positive outlook.

Futures OI Data Hints Short Additions

Since the news on operations broke, the seller army has been adding short positions and is eyeing to push the token below $225 and extend the decline.

TAO Futures OI data | Source: Coinglass

The open interest data spiked over 17.28% to $51.05 Million in the last 24 hours and signaled massive short additions.

The immediate support levels for the Bittensor token are $235 and $230, whereas the key upside hurdle is around $250, followed by $256

The TAO token price was below the key moving averages, signaling a massive decline in the past trading sessions. Moreover, the trend is negative, and buyers stay on the back foot.

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.

Disclaimer

The contents of this page are intended for general informational purposes and do not constitute financial, investment, or any other form of advice. Investing in or trading crypto assets carries the risk of financial loss. The forecasted data (also called “price prediction”) on this page are subject to change without notice and are not guaranteed to be accurate.

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Adarsh Singh
Adarsh Singh
Adarsh ​​Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
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