Bittensor (TAO) Soars 130% – What’s Behind The Altcoin’s Recent Surge?
06 Oktober 2024 - 7:00PM
NEWSBTC
Bittensor (TAO) has been garnering attention for its exceptional
performance, surpassing Bitcoin and the broader cryptocurrency
market. TAO has experienced a 15% increase in the past 24 hours,
and it has appreciated by over 130% in the past 30 days. This
extraordinary expansion has established TAO as one of the most
successful altcoins, attracting the attention of both institutional
and retail investors. Related Reading: Shiba Inu Burn Rate Shoots
Up 1,000% – Are New ATH Levels Just Around The Corner? The
altcoin’s future potential is a significant factor in the
development of this momentum. Recent price predictions show that
Bittensor could experience a substantial 220% increase, with a
potential price of $1,800 by November 2024. Many are interpreting
the current bullish sentiment as an opportunity to purchase TAO
before it experiences its next significant surge. Open Interest
Reaches New Highs According to Coinglass, TAO’s Open Interest,
which recently reached an all-time high of $189 million, is one of
the most telling indicators of its strength. That’s sharply up from
$50 million recorded at the start of September. An increasing Open
Interest-the total number of active positions held by traders is
often a very positive sign, as it indicates more money is being
invested in the asset. This surge in Open Interest alongside rising
TAO price signifies that the traders are not just holding on to
their existing long positions but are also actively buying new
ones. Therefore, upward momentum means that the recent runs of
Bittensor may be sustained for some time longer. This has
heightened speculations that the token may even ascend much higher.
Technical Analysis Supports The Bullish Hunch Bittensor is now
trading at $554, representing a critical resistance. TAO plots a
V-shaped recovery on the four-hour chart, which usually represents
sustained positive momentum. The CMF indicator has also stayed
positive at 0.21, showing significant buying force in the market.
Besides this positive forecast, a green volume histogram bar shows
that TAO may be able to break up from this resistance line to the
next point at $618. Considering the strength of purchasing volume
by the market, a short-term upward movement can be said to hold a
good case. Related Reading: Market Signals Hint At Bitcoin’s
Potential Fall To $52,000—Analyst What Lies Ahead For Bittensor
Analysts are generally positive about Bittensor’s future. Even
though the cryptocurrency market as a whole is still pretty
sketchy, TAO has had 20 “green days” out of the last 30 days, which
means that 67% of the time, prices have gone up. The coin is
growing, even though it has a 30% fluctuation, and predictions for
November 2024 show that it will grow a lot. Featured image from
Bittensor, chart from TradingView
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