bullish

Bittensor

Rise

Coin

<p><strong>Bittensor (TAO)</strong> is an open-source protocol that powers a decentralized network. Bittensor (TAO) price represented a massive spike and showed a bullish resurgence, followed by the retest of the channel’s upper edge support of $220.</p> 
<p>Amidst the mixed cues floated in the market, the token’s price action noted significant buying interest and buyers’ optimism.</p> 
<p>TAO’s performance at the start of August was bullish. It was accompanied by a 100% increase to a resistance of $350 in a single week.</p> 
<p>However, the bulls were trying to cross the cluster of $350. They have anticipated crossing the 100-day EMA mark for the next bullish leg beyond it.</p> 
<p>Based on the ongoing price action, TAO has made a fresh higher high after a couple of lower lows. It is ready to lift the gains above $400 soon.</p> 
<p>At press time, the <a href="https://www.thecoinrepublic.com/price-prediction/bittensor/">TAO </a>was trading at $308.20 with an intraday surge of 7.30%, reflecting bullish traction on the chart. It has a monthly return ratio of 20.30% and 29.30% yearly, reflecting short-term consolidation.</p> 
<h2 class="wp-block-heading" id="h-bittensor-tao-price-seems-poised-for-breakout-rally-imminent"><strong>Bittensor TAO price Seems Poised for Breakout: Rally Imminent?</strong></h2> 
<p>The one-day chart analysis of <strong>Bittensor </strong>reflected that a sharp upward move is on the brink. Buyers anticipated a massive breakout ahead.&nbsp;</p> 
<p>A sharp accumulation in the token’s price was witnessed with the improved sentiments and significant recovery.&nbsp;&nbsp;</p> 
<p>Afterward, the token represented a three-day winning streak, closed in green, and lifted over 100% this week.</p> 
<p>Following the classic reversal, the token reached the most crucial resistance mark of $350 and eyed the $500 mark this month.</p> <iframe loading="lazy" title="Santiment Chart: Price (TAO), Volume (TAO)" width="800" height="425" src="https://embed.santiment.net/chart?ps=mog-coin&amp;pt=MOG&amp;df=2024-02-09T18%3A29%3A59.322Z&amp;dt=2024-08-09T18%3A29%3A59.322Z&amp;emcg=1&amp;emhwm=1&amp;wm=%5B1%3Bprice_usd%3Bbittensor%3BTAO%5D%3B%5B1%3Bvolume_usd%3Bbittensor%3BTAO%5D&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>Notably, the RSI curve showed a sharp vertical spike and reverted from the oversold region. A reading of 58 hinted at the buyer accumulation on the chart.&nbsp;</p> 
<p>Similarly, the MACD indicator plotted a bullish crossover and suggested a sharp bullish trend ahead.</p> 
<p>@Sleuth, in his tweet, said that TAO took a reversal from its support zone of $200. It retained the upward trajectory, displaying a bullish resurgence.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr"><a href="https://twitter.com/search?q=%24TAO&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$TAO</a> been outperforming 99% of the market and is nearly back to the levels it was at pre the BTC dump<br><br>meanwhile other AI coins are lagging behind and still have some ways to go<br><br>I'm mainly watching <a href="https://twitter.com/search?q=%24NMT&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$NMT</a> and <a href="https://twitter.com/search?q=%24DEAI&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$DEAI</a> for signs of a sustained rally, they both have ways to go <a href="https://t.co/HNBC4fz00L">pic.twitter.com/HNBC4fz00L</a></p>— mcSleuth (@0xSleuth_) <a href="https://twitter.com/0xSleuth_/status/1821804384633942446?ref_src=twsrc%5Etfw">August 9, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
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<p>The ongoing price action favored long traders betting on the rise and continuing to accumulate. With the sharp recovery, the bear cartel looked trapped and stayed on the back foot.</p> 
<h2 class="wp-block-heading" id="h-weighted-sentiment-and-volatility-triggered-a-rise"><strong>Weighted Sentiment and Volatility Triggered a Rise</strong></h2> 
<p>This week, the token has delivered sharp volatile moves, and major fluctuations in the price volatility curve were observed. It signaled the investors’ optimism and trading activity for <strong>TAO</strong>.</p> <iframe loading="lazy" title="Santiment Chart: Weighted sentiment (Total) (TAO), Price Volatility 1d (TAO)" width="800" height="425" src="https://embed.santiment.net/chart?ps=mog-coin&amp;pt=MOG&amp;df=2024-02-09T18%3A29%3A59.322Z&amp;dt=2024-08-09T18%3A29%3A59.322Z&amp;emcg=1&amp;emhwm=1&amp;wm=%5B1%3Bsentiment_volume_consumed_total%3Bbittensor%3BTAO%5D%3B%5B1%3Bprice_volatility_1d%3Bbittensor%3BTAO%5D&amp;wax=0%3B1&amp;wc=%23FF5B5B%3B%23FFCB47&amp;ws=%3B%7B%22interval%22%3A%221d%22%7D" scrolling="no"></iframe> 
<p>Following the price reversal, the investors looked confident and started accumulating the token. It resulted in a massive upliftment of over 100% this week.&nbsp;</p> 
<p>The weighted sentiment data noted an intense spike and soared over 32%, around the 2.17 mark in the positive trajectory.</p> 
<h2 class="wp-block-heading" id="h-total-liquidation-chart-overview"><strong>Total Liquidation Chart Overview</strong></h2> 
<p>The last three trading sessions noted a sharp surge in the short liquidations. At press time, the short liquidations were indicated at $27.20k, while the long liquidations were noted at $17.29k.</p> 
<figure class="wp-block-image size-large">
 <img loading="lazy" decoding="async" width="1024" height="277" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-95-1024x277.png" alt="Liquidation Data | Source: Coinglass" class="wp-image-657707" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-95-1024x277.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-95-300x81.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-95-768x207.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-95-150x41.png 150w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-95-696x188.png 696w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-95-1068x288.png 1068w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-95.png 1392w" sizes="(max-width: 1024px) 100vw, 1024px">
 <figcaption class="wp-element-caption">
  Liquidation Data | Source: Coinglass
 </figcaption>
</figure> 
<p>This significant liquidity crunch implied that sellers were panicking, which might fuel the price rally ahead.</p> 
<p>If the Bittensor token price crosses the 100-day EMA mark, it might shift the gains toward the upside of $400. The $430 mark would follow this in the short term.</p> 
<p>Conversely, if the token faces rejection near $320, it may slip toward the $280 mark and then to the $250 mark.</p> 
<p>The post <a href="https://www.thecoinrepublic.com/2024/08/10/bittensor-tao-price-aims-a-breakout-whats-coming-next/">Bittensor (TAO) Price Aims a Breakout: What’s Coming Next?</a> appeared first on <a href="https://www.thecoinrepublic.com">The Coin Republic</a>.</p>

Bittensor (TAO) Price Aims a Breakout: What’s Coming Next?

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