Bittensor (TAO) Price Drops 13% After Blockchain Halt as Team Detects Attack on User Wallets

The Bittensor price dropped 13% in the last 24 hours to trade at $239 as of 03:59 a.m. EST on trading volume that skyrocketed 145% to $94 million.

The price of Bittensor (CRYPTO: TAO) dropped 13% in the last 24 hours to trade at $239 as of 03:59 a.m. EST on Monday. This comes as the Bittensor blockchain was temporarily halted early Wednesday after an alleged attack on several user wallets, with at least one drained of $8 million worth of the project’s TAO tokens.

What Happened: The @opentensor blockchain was temporarily halted early Wednesday as team members detected an attack on several user wallets.

At least one wallet drained of $8 million worth of #TAO token

This caused a sudden 15% dump for TAO and is currently… pic.twitter.com/etWkmSpM5T

— Wise Advice (@wiseadvicesumit) July 3, 2024

After the attack, the price of TAO dropped 15% but recovered thereafter after core members said steps were in place to mitigate further mishaps.

By way of an update, we have contained the attack and put the chain into safe mode (blocks producing but no transactions are permitted).

We’re still mid investigation and are considering all possibilities. Stay tuned.

— Ala (@shibshib89) July 3, 2024

Investigations into the attack are ongoing after the chain was put on safe mode, with blocks being produced but no transactions processed.

The Bittensor price dropped from the upper boundary of the falling channel pattern at $278 to trade within the channel, according to data from GeckoTerminal.

The TAO price bulls are gearing up for a possible trend reversal, as they use the $214 support zone to likely push the token over the boundary of the channel.

Bittensor Price Set To Soar Over The $273 Resistance Level

The Bittensor price still trades below both the 50-day and 200-day Simple Moving Averages (SMAs). This coincides with the drop from the $278 level, with the 50-day SMA acting as the immediate resistance zone at $273.

Moreover, the Relative Strength Index (RSI) is trading at the 30-oversold level, currently at t 33, which is an indication that sellers have an upper hand.

The Bittensor price analysis shows that TAO price is currently on a bearish trend as the buyers continue to sell. If this trend continues, the bears could push the token down to the $214 support zone, which acts as a cushion against downward pressure.

However, with the token trading within the oversold level, it means the bulls could start consolidating and buying more, which could push the token over. In this scenario, the Bittensor token price could soar above the falling channel pattern to target the next resistance level at $323 (200-day SMA).

As Bittensor price bulls search for buying signals, some investors are turning to WienerAI (WAI), which has just blasted past $7 million in funds raised in its presale.

CryptoBoy, a crypto analyst on YouTube with over 40K subscribers, says that $WAI could potentially soar 100X after launch.

WienerAI Presale Blasts Past $7 Million

WienerAI has been gaining traction in the crypto community as one of the few meme coins that uses artificial intelligence (AI). The project will soon launch an AI-powered trading bot that analyzes markets through a simple interface to identify promising crypto investment opportunities.

UPGRADE your trading strategy.

The WienerAI Trading Bot will be your trusted trading companion, leveraging AI to make savvy and predictive moves in a dynamic market. pic.twitter.com/uYCRAWRd2N

— WienerAI (@WienerDogAI) June 1, 2024

It also streamlines the process of making crypto swaps across different decentralized exchanges (DEXs).

WienerAI is similar to another project, Scotty the AI (SCOTTY), which amassed over $10 million in funds raised in a recent presale.

Full speed ahead with WienerAI! 🌭🚀

Harness the power of AI for smart, efficient trading. Make every trade a winning one! 💪🤖 pic.twitter.com/LEtVQoTNEP

— WienerAI (@WienerDogAI) July