TAO, an altcoin powering the decentralized machine learning network #bittensor , is gaining increasing attention. Since mid-September, the cryptocurrency has been recovering, rising by more than 70%, and reaching the $650 mark.
Strong Growth of TAO and Its Dominance
In recent weeks, Bittensor (#TAO🔥🔥🔥🔥 ) has outperformed the rest of the crypto market, showing clear signs of bullish dominance. TAO is among the top-performing AI tokens, rewarding its investors with significant growth. The cryptocurrency has been rising within an ascending channel, gaining over 30% in the past ten days. It is now targeting $700, as the bulls continue to gain momentum. This week, TAO rebounded from the 20-day EMA and attempted to break through the $650 level, which could trigger further growth.
Breaking Through the $650 Level Could Open the Door for More Gains
If TAO successfully breaks through the $650 level, it could trigger a short squeeze, which may open the path to reaching $700 in upcoming trading sessions. The cryptocurrency is experiencing increasing buying interest, indicating the continuation of the rally.
The Surge in Interest for Bittensor: What Does It Mean?
In recent weeks, the TAO cryptocurrency has been experiencing a notable upward rally, driven by strong #BullishMomentum . The price has broken out of a two-month trading range, with TAO gaining more than 70%. Bears are now trying to keep the price below $650, while bulls are gaining control.
Trading volume has increased by over 110% during the week, confirming the growing buying activity and strong investor interest. TAO is currently trading at $652.30, with a daily increase of more than 13.47%. Its market capitalization stands at $4.72 billion, making it the 22nd largest cryptocurrency in the market.
Technical Factors and Further TAO Growth
TAO recently experienced a "golden cross" between the 50-day and 100-day EMA, sparking a strong upward rally. Crypto Trader Zen mentioned that the final phase of the supply is being absorbed around the $650 level, which could lead to further growth toward the $750-800 range by the end of this year.
TAO is also maintaining its gains above the 61.8% Fibonacci retracement level, signaling that the cryptocurrency remains in the overbought zone.
Bittensor Technical Analysis: What Do the Indicators Show?
Technical indicators show that TAO continues to rise, creating higher price peaks. The cryptocurrency has risen above key EMA levels, confirming the bullish momentum. The rising 20-day and 50-day EMA suggest increased buying pressure, which should support further price growth.
The Relative Strength Index (RSI) is around 66, indicating increasing buying pressure. Open interest (OI) has surged by more than 23% to $210.67 million, confirming traders' long positions in the past 24 hours.
Immediate support zones are at $620 and $600, while resistance levels are at $680 and $700.
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