Bittensor

Date: Thu, Oct 24, 2024, 09:31 AM GMTBittensor (TAO), the leading AI token, recently saw a correction after riding a significant rally. Following the broader crypto market’s decline, largely driven by Bitcoin&#39;s (BTC) retracement from near $70K to below $67K, TAO&#39;s price has dropped after hitting a peak of $683. The token is currently trading at $531, marking a 22% correction and erasing its monthly gains, now showing a 5% loss.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/76537ad627a94131a1704b3e60145089.png" />Source: Coinmarketcap<h2 id="header-0">Analyst Weighs In: Two Potential Game Plans for TAO</h2>Crypto analyst <a href="https://x.com/D_DTRADING/status/1849356053990772769" rel="noopener noreferrer nofollow">&#64;D_DTRADING</a> shared his insights today, suggesting it’s time to closely watch TAO for a potential rebound. He pointed out that after this healthy 22% pullback, the token has landed in a strong demand zone on the 12-hour chart, also touching the 200 EMA on the 4-hour chart.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/503e327a33ce4479892e3bb0ccf79cf8.jpeg" />Here’s what he outlined as two possible scenarios ahead:<ol><li>Low is Already In: If TAO reclaims the 200 EMA and breaks the trendline, a higher-low formation could signal a bounce towards new highs.</li><li>One More Dip: The second scenario is for TAO to make one more low into the demand zone before rebounding from the range low and targeting fresh highs.</li></ol>However, the analyst advised waiting for confirmations before making any moves.<h2 id="header-1">Open Interest Surge Suggests Growing Interest</h2>Data from <a href="https://www.coinglass.com/currencies/TAO" rel="noopener noreferrer nofollow">Coinglass </a>shows that in the last 30 days, open interest (OI) in Bittensor (TAO) has surged from $144 million to $190.25 million.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/776712201c594655b4d740c68cb7ec04.png" />Source: CoinglassThis significant jump in OI indicates growing interest in TAO derivative contracts, suggesting traders are gaining confidence in its potential price movements. Such a surge in OI often points to strong market sentiment, signaling the possibility of bullish trends ahead. Increased liquidity and trading activity could provide excellent opportunities for traders eyeing TAO&#39;s next move.<h2 id="header-2">Conclusion</h2>In conclusion, Bittensor ($TAO) is at a critical juncture after a 22% correction, presenting two potential paths forward. With strong demand zones in play and a surge in open interest, traders are closely monitoring for signs of a rebound. Whether TAO reclaims key levels or dips further before rising, the next moves could offer exciting opportunities for investors.Disclaimer: This article is for informational purposes only and not financial advice. Always conduct your own research before investing in cryptocurrencies.Also Read: <a href="https://coinsprobe.com/why-mantra-om-took-a-dip-after-hitting-new-all-time-high/" rel="noopener noreferrer nofollow">Why Mantra (OM) Took a Dip After Hitting New All-Time High?</a>

Bittensor (TAO) Sees 22% Correction, Hits Key Demand Zones – Two Potential Game Plans Ahead

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