TAO Price Prediction 2024: Will TAO Hit $650 Soon?

TAO price is expected to rise by 29.99% in the next 5 days according to our Bittensor price prediction is trading at $ 481.66

Our Bittensor price prediction for the next 5 days is a 29.99% increase, reaching a price of $651.34 by Dec 30, 2024.

After losing -3.87% in the last 24 hours, TAO is trading at $481.66. The coin underperformed the cryptocurrency market, as the total crypto market cap decreased by -4.42% in the same time period. TAO performed poorly against BTC today and recorded a -4.73% loss against the world’s largest cryptocurrency.

According to our Bittensor price prediction, TAO is expected to reach a price of $651.34 by Dec 30, 2024. This would represent a 29.99% price increase for TAO in the next 5 days.

Buy/Sell Bittensor

What has been going on with Bittensor in the last 30 days

Bittensor has been displaying a negative trend recently, as the coin lost -13.45% in the last 30-days. The medium-term trend for Bittensor is bearish, with TAO dropping by -9.21% in the last 3 months. The long-term picture for Bittensor is positive, as TAO is currently displaying a 79.31% 1-year price change. On this day last year, TAO was trading at $268.61.

Bittensor reached its all-time high price on Apr 11, 2024, when the price of TAO peaked at $776.03. The current TAO cycle high is $742.89, while the cycle low is at $166.97. TAO has been displaying high volatility recently – the 1-month volatility of the coin is at 13.13. Bittensor recorded 15 green days in the last 30 days.

Bittensor technical analysis for today - Dec 26, 2024

The sentiment in the Bittensor markets is currently Bearish, and the Fear & Greed index is reading Greed. The most important support levels to watch are $483.92, $463.96 and $452.41, while $515.43, $526.98 and $546.94 are the key resistance levels.

Bearish sentiment for Bittensor

6 indicators are currently signaling a bullish prediction for Bittensor, while 18 indicators are showing a bearish forecast. With 75% of indicators favoring a negative prediction. This results in an overall Bearish sentiment for Bittensor.

Crypto market is currently experiencing Greed

Currently, the Fear & Greed index is at 73 (Greed), which signals that investors have a positive outlook on the market. The Fear & Greed index is a measure of sentiment among cryptocurrency investors. A “Greed” reading suggests that investors are currently optimistic about the cryptocurrency market, but can also be an indication that the market is overvalued. A “Fear” reading, on the other hand, signals that investors are currently hesitant about the cryptocurrency market, which potentially represents a buying opportunity.

Bittensor moving averages & oscillators

Let’s take a look at what some of the most important technical indicators are signaling. We’ll be going through key moving averages and oscillators that will allow us to get a better idea of how Bittensor is positioned in the market right now.

The Relative Strength Index (RSI 14) is a widely used indicator that helps inform investors whether an asset is currently overbought or oversold. The RSI 14 for Bittensor is at 46.38, suggesting that TAO is currently overbought.

The 50-day Simple Moving Average (SMA 50) takes into account the closing price of Bittensor over the last 50 days. Currently, Bittensor is trading above the SMA 50 trendline, which is a bullish signal.

Meanwhile, the 200-day Simple Moving Average (SMA 200) is a long-term trendline that’s calculated by taking an average of the TAO closing price for the last 200 days. TAO is now trading below the SMA 200, signaling that the market is currently bearish.

The bottom line about this Bittensor prediction

After considering the above factors, we can conclude that the current forecast for Bittensor price prediction is Bearish. TAO would have to increase by 29.99% to hit our $651.34 target within the next five days.