2024

Bittensor

Sherpa

<ul class="list-ic vertical"> 
 <li> <span>1</span> <a>A falling wedge pattern breakout was noted on the charts.</a> </li> 
 <li> <span>2</span> <a>TAO token will likely extend the up move and may show fireworks ahead.</a> </li> 
</ul>  
<p>The <strong>Bittensor (TAO) token</strong> has breached the <strong>trendline </strong>hurdle of $400 and glimpsed a falling wedge formation breakout last session.</p> 
<p>After a long time, the token has surpassed the 20 day EMA mark and hints signs of <strong>trend reversal.</strong> Moreover, the buyers have gained traction and are eyeing the $500 mark to retain soon.</p> 
<p>This week, the <strong>TAO token</strong> has retested its 52 week low mark of <strong>$330</strong>. Afterward, the token recovered over 30% and picked <strong>bullish momentum</strong>.</p> 
<p>At press time, the <strong>Bittensor token (TAO) price</strong> traded at $434.39 with an intraday rise of 16.10%, reflecting neutrality on the charts. It has a monthly return ratio of -10.90% and 12.90% yearly.</p> 
<p>The pair of TAO/BTC is at 0.00612 BTC, and the market cap is $2.96 Billion. Analysts are neutral and suggest that the <strong>TAO token price </strong>may regain shine and will reach the $500 mark this month.</p> 
<h2 class="wp-block-heading" id="strong-tao-spiked-over-16-what-s-cooking-in-it-strong"><strong>TAO Spiked Over 16%: What’s Cooking In It?</strong></h2> 
<p>As the market sentiments turned <strong>bullish</strong>, <strong>TAO token </strong>picked <strong>bullish momentum</strong> and surged over by 20% this week. Additionally, a trendline breakout was registered this week and the token is ready for a sharp surge ahead.</p> 
<p>Going forward, the token has made a fresh <strong>higher high swing </strong>and might increase further over 10-15% this month.</p>    
<p><a href="https://www.tradingview.com/chart/TAOUSDT/RjboqJwU-TAO-Price/"></a><a href="https://www.tradingview.com/u/TheCoinRepublic/"></a><a href="https://www.tradingview.com/"></a></p>  
<p class="has-text-align-center">Source: TradingView</p> 
<p>Ranked at 41 per the market cap,<a href="https://www.thecoinrepublic.com/2024/04/20/tao-price-drops-42-from-ath-downfall-or-buying-opportunities-ahead/" target="_blank" rel="noreferrer noopener"> <strong>TAO token</strong></a> has a total supply of 21 million and has a volume to market cap ratio of 0.0111. Additionally, the intraday trading volume soared over 176% to $33.18 million.</p> 
<p>Per the technical analysis over 17 indicators, 7 indicators have a neutral rating, while 10 indicators have suggest buy rating. Meanwhile, none of the indicators have guided sell call, meaning the downside has capped and upside is open ahead.</p> 
<h3 class="wp-block-heading" id="strong-price-volatility-and-weighted-sentiment-outlook-strong"><strong>Price Volatility and Weighted Sentiment Outlook</strong></h3> 
<p>Following the notable spike in price over 12%, the volatility of the token significantly increased and soared over 65% to 0.045 mark.</p> <iframe loading="lazy" title="Santiment Chart: Price Volatility 1d (TAO), Weighted sentiment (Total) (TAO)" width="1170" height="425" src="https://embed.santiment.net/chart?ps=bittensor&amp;pt=TAO&amp;df=2023-11-21T18%3A29%3A59.663Z&amp;dt=2024-05-21T18%3A29%3A59.663Z&amp;emcg=1&amp;emhwm=1&amp;wm=price_volatility_1d%3Bsentiment_volume_consumed_total&amp;wax=0%3B1&amp;wc=%23FF5B5B%3B%23FFCB47&amp;ws=%7B%22interval%22%3A%221d%22%7D%3B%7B%22interval%22%3A%221d%22%7D" scrolling="no"></iframe> 
<p class="has-text-align-center">Source: Santiment&nbsp;</p> 
<p>However, the weighted sentiment data remained flat and the value stood below the midline, noting around -0.301 mark.</p> 
<h3 class="wp-block-heading" id="strong-futures-data-outlook-strong"><strong>Futures Data Outlook</strong></h3> 
<p>The derivative data signifies massive increase in the buildup activity in the last few sessions.</p> 
<div class="wp-block-image"> 
 <figure class="aligncenter size-large">
  <img loading="lazy" decoding="async" width="1024" height="243" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-265-1024x243.png" alt="" class="wp-image-206379" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-265-1024x243.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-265-300x71.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-265-768x182.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-265-750x178.png 750w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-265-1140x270.png 1140w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-265.png 1452w" sizes="(max-width: 1024px) 100vw, 1024px">
 </figure>
</div> 
<p class="has-text-align-center"><strong>Source: CoinGlass</strong></p> 
<p>The open interest data sharply spiked over 22.56% to $54.32 million in the last 24 hrs, highlighting the investor speculation.</p> 
<p>Meanwhile, the recent tweet of @AltcoinSherpa revealed the short term bottom of the token stays near $330 close to the 200 day EMA mark. The token has gained significant buying momentum and might outperform ahead.</p> 
<center>
 <blockquote class="twitter-tweet">
  <p lang="en" dir="ltr"><a href="https://twitter.com/search?q=%24TAO&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$TAO</a>: havent looked at this chart in a while, $330 or the .618 fib and 200d EMA was the short term bottom. Still, I think you get your chance at an entry in the mid $300s again if you're patient. Too early to call this the overall bottom and I think there are some wonky token… <a href="https://t.co/NpuMZwESyo">pic.twitter.com/NpuMZwESyo</a></p>— Altcoin Sherpa (@AltcoinSherpa) <a href="https://twitter.com/AltcoinSherpa/status/1792794908375351401?ref_src=twsrc%5Etfw">May 21, 2024</a>
 </blockquote> 
 <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</center> 
<p class="has-text-align-center">Source: Twitter</p> 
<h3 class="wp-block-heading" id="strong-development-activity-reveals-consistent-uptrend-strong"><strong>Development Activity Reveals Consistent Uptrend</strong></h3> 
<p>For weeks, the development activity data showcased a consistent upmove and remained on the top. Notably, the value has reached the previous high mark of 13 and is yet to cross.</p> <iframe loading="lazy" title="Santiment Chart: Development Activity (TAO), Social Dominance (TAO)" width="1170" height="425" src="https://embed.santiment.net/chart?ps=bittensor&amp;pt=TAO&amp;df=2023-11-21T18%3A29%3A59.663Z&amp;dt=2024-05-21T18%3A29%3A59.663Z&amp;emcg=1&amp;emhwm=1&amp;wm=dev_activity%3Bsocial_dominance_total&amp;wax=0%3B1&amp;wc=%238358FF%3B%23FF5B5B&amp;ws=%7B%22transform%22%3A%7B%22type%22%3A%22moving_average%22%2C%22movingAverageBase%22%3A42%7D%7D%3B%7B%22interval%22%3A%224d%22%7D" scrolling="no"></iframe> 
<p class="has-text-align-center">Source: Santiment</p> 
<p>Likewise, the social dominance value significantly increased over 8.89% to 0.118% and reflects a surge in popularity among the investors.</p> 
<h4 class="wp-block-heading"><strong>Conclusion</strong></h4> 
<p>The<strong> Bittensor (TAO) token</strong> has registered a breakout and escaped the trendline mark of $400. Moreover, the price action highlights a fresh bullish wave and the token might retain the $500 mark soon.</p> 
<h5 class="wp-block-heading"><strong>Disclaimer</strong></h5> 
<p>The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice.&nbsp;</p>

Bittensor (TAO) Breached Trendline: Can TAO Retain $500 Mark?

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