bullish

Bittensor

Million

A researcher @MarcoPoloMaps highlighted a strong potential in Bittensor (TAO), and it has been a much-undervalued asset, as the researcher says.&nbsp;This month, the Grayscale Bittenor Trust release would make investing and trading much easier. 
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 Gm fam, You need to deep dive into <a href="https://twitter.com/search?q=%24TAO&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$TAO</a> to understand how much undervalued it actually is! Grayscale will make it easier to invest in the native tokens of decentralised AI protocols through a security.<a href="https://twitter.com/search?q=%24TAO&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$TAO</a> $5k will still be undervalued. AI season will be huge! <a href="https://t.co/KqCSETfaJF">pic.twitter.com/KqCSETfaJF</a>— Marco Polo (@MarcoPoloMaps) <a href="https://twitter.com/MarcoPoloMaps/status/1825424744780382690?ref_src=twsrc%5Etfw">August 19, 2024</a>
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The researcher thinks AI season in the coming months will flourish huge, and $5000 will still be undervalued; it has much higher potential. Meanwhile, the researcher shared one of his drawings, presenting the possible nearest targets in supreme bullish optimistic conditions in the asset. 
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 <img loading="lazy" decoding="async" width="1024" height="276" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-290-1024x276.png" alt="Bittensor Projects | Source: Bettensor &amp; Corcel" class="wp-image-677250" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-290-1024x276.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-290-300x81.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-290-768x207.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-290-1536x415.png 1536w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-290-150x41.png 150w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-290-696x188.png 696w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-290-1068x288.png 1068w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-290.png 1600w" sizes="(max-width: 1024px) 100vw, 1024px">
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 Bittensor Projects | Source: Bettensor &amp; Corcel
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The Bittensor teams are good, and the projects they are developing are astonishing. They have built Corcel, tradewithdale, and Bettensor-like products, which are already available for many people to try. 
<h2 class="wp-block-heading" id="h-numbers-must-not-be-missed-in-tao">Numbers Must Not Be Missed In TAO</h2> 
Bittensor (TAO) spot volume inflow had increased and amounted to $57.298 Million, and the market cap has risen 9% on intraday, valued at $2.177 Billion. The brief incline from August 5th positioned TAO as the 36th largest crypto by market cap. 
Despite multifold optimism in TAO, the liquidity ratio was weak at 2.68%, which seems to be a point of concern. On top of that, so far, 34.52% of the supply floated in the market, precisely 7.249 Million TAOs out of the max supply of $21 Million TAOs. 
Per the derivatives, the long-short ratios signified the dominance of bulls over bears, as the ratio was at 1.0325. The 24-hour shorts liquidated were $55.31K, and the longs were mere at $7.37K.&nbsp; For the recent surge in the price of TAO’s short-term trend, the volume surged by 10.12%, and OI surged by 20.91%, showcasing that the demand is on the rise. 
<h2 class="wp-block-heading" id="h-price-action-overview-od-bittensor-tao">Price Action Overview Od Bittensor (TAO)</h2> 
<a href="https://www.thecoinrepublic.com/price-prediction/bittensor/">Bittensor </a>(TAO) has delivered extraordinary returns to investors, soaring over 1600% and reaching a peak of $755.02 between October 2023 and March 2024. However, after hitting this all-time high, TAO encountered resistance in a supply zone, preventing further gains beyond $755.02. 
This led to a significant profit-taking phase, resulting in a retracement of more than 70% of its earlier gains. Following the inability to breach the $755.01 mark, the price entered a downtrend, forming lower lows and eventually returning to its initial demand level by July 5th. 
Subsequently, the price saw a brief increase, reaching the upper boundary of a falling wedge pattern. Despite this, it faced resistance at $358.01, causing another downward movement. On August 5th, TAO experienced a liquidity-driven spike and, over the next 15 days, traded near the upper boundary of the falling wedge once more.  
<a href="https://in.tradingview.com/chart/TAOUSDT/jzsHM3XN-the-TAO-price-saw-a-brief-increase-reaching-the-upper-boundary/"></a><a href="https://in.tradingview.com/u/Sam_TCR/"></a><a href="https://in.tradingview.com/"></a>  
Currently, the price faces dynamic resistance from the 50-day and 200-day EMAs. A breakthrough of these resistance levels could signal a potential breakout. The MACD indicator has shown a bullish crossover, and the RSI stands at 54.27. 
In summary, the short-term outlook suggests potential for upward movement if the falling wedge pattern proves successful. Resistance levels are $488 and $358, while support levels are $260 and $240, respectively. 
The post <a href="https://www.thecoinrepublic.com/2024/08/22/bittensor-tao-market-cap-rises-9-is-it-undervalued-with-huge-potential/">Bittensor (TAO) Market Cap Rises 9%: Is It Undervalued With Huge Potential</a> appeared first on <a href="https://www.thecoinrepublic.com">The Coin Republic</a>.

Bittensor (TAO) Market Cap Rises 9%: Is It Undervalued With Huge Potential

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