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Cryptocurrency News Articles
Bittensor (TAO) Crypto Gains Significant Attention in the Market, Outperforming 94% of the Top 100 Assets Over the Past Year
Sep 20, 2024 at 12:32 pm
With a recent price surge, increased liquidity, and a breakout from a prolonged downtrend, TAO shows strong bullish momentum.
Bittensor (TAO) price surged on April 25, 2023, continuing its strong bullish momentum in the crypto market. The TAO token has outperformed 94% of the top 100 assets over the past year, attracting attention with its resilience amid the market downturn.
After a 15.83% increase, the TAO price now trades at $375, ranking 32nd in the global cryptocurrency market capitalization, according to CoinMarketCap data. At press time, TAO commands 0.13% of the total crypto market value.
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Surging liquidity fuels TAO’s market rise
The rising market capitalization is accompanied by a 21% increase in trading volume, bringing the total traded value to $142.536 Million. With a volume-to-market cap ratio of 4.91%, TAO maintains medium liquidity, reflecting balanced activity in the token’s market.
Only 35% of Bittensor’s total supply is currently circulating, while its fully diluted market capitalization is projected to reach $7.940 Billion.
Despite its significant gains, TAO price remains 51% below its all-time high of $767.68. However, the token has risen 1,100% from its all-time low, which was recorded a year ago. Price volatility remains high, with a volatility index of 10.62%, indicating possible short-term price fluctuations.
Market sentiment around TAO crypto is bullish, but the token’s fear and greed index reflects a neutral outlook among investors. The combination of high volatility and market uncertainty could lead to significant price movements in the near term.
Technical analysis suggests a bullish reversal from the falling wedge pattern breakout
The Bittensor price has been in a prolonged downtrend, following a falling wedge pattern that led to a substantial loss in value. During this decline, the token dropped by over 70% from its swing high of $756.87, highlighting the severity of its bearish trend.
This extended period of downward movement reflects the intense selling pressure that has dominated TAO’s recent market performance.
Throughout last year, TAO demonstrated significant volatility, alternating between strong upward trends and sharp, sustained declines. This volatility has made the token’s price movements unpredictable and challenging for traders. However, a notable shift in momentum occurred recently, marking a potential reversal in the token’s trajectory.
The TAO price has successfully broken out of the falling wedge pattern, signaling a bullish reversal. This breakout has been reinforced by the formation of strong bullish candlesticks over the past few days.
Moreover, the price has also surpassed a key resistance level, often referred to as a “change of character” point, further confirming the bullish momentum. This breakout above a critical resistance level suggests robust buyer interest, potentially paving the way for further price gains in the near term.
The TAO price recently broke and sustained above the 20-day and the 20-day EMAs while the two EMAs were forming a golden cross. The token price also broke above the average true range of the supertrend on the daily chart.
TAO/USD Chart by TradingView.com
The histograms on the MACD indicator were strongly bullish. This was followed by the MACD and the signal line trading in the bullish trajectory following a golden cross.
The RSI advanced to the higher levels and traded at a level of 67 at press time. This indicated a rise in the token’s bullish momentum.
The support levels for the TAO crypto are $165.0 and $230.0, followed by the resistance levels of $490.0 and $650.0.
Derivatives data of Bittensor Token in tandem the price action
TAO experienced significant short liquidations amounting to $370.58K over the last 24 hours. In contrast, long positions worth $49.50K were liquidated, indicating strong buyer dominance in the token’s price action.
This trend suggests that the market is currently favoring bullish sentiment, with short-sellers facing increased liquidation pressure.
Over the past few weeks, TAO’s liquidation chart has shown a consistent pattern of higher short liquidations. This liquidation activity has contributed to the token’s price movement, pushing it to higher levels. The surge in short liquidations has played a key role in driving the recent price gains.
In addition, Bittensor’s derivatives volume saw a 12.9% increase over the last 24 hours, reaching a total traded value of $226.14 Million. This spike in trading volume reflects strong engagement from traders.
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