Rally

Bittensor

<ul class="list-ic vertical">
 <li>1 <a>AI- themed token (TAO) looks strong and might reach the $500 mark this week.</a></li>
 <li>2 <a>Buyers have an edge and gained momentum, while sellers looked trapped.</a></li>
</ul>
The Artificial-Intelligence (AI) theme based tokens are in focus and investors were showing their interest to buy these potential picks.
From these pocket, Bittensor (TAO) is the fourth largest AI token by market cap which is relatively well positioned and poised for an upcoming bull rally soon.
Recently, the token has recovered from the bottom mark of $330 and registered a falling wedge breakout. Afterward, follow-on buying activity was noted and the token jumped over 30% this week.
Still, the token has much more space to bounce and may reach the $500 mark this week. The technicals are bullish and favoring the upside ahead.
At press time, the Bittensor token (TAO) price traded at $470.46 with an intraday rise of 10.10%, reflecting buying momentum on the chart. It has a monthly return ratio of -8..90% and 11.20% yearly.
The pair of TAO/BTC is at 0.00673 BTC, and the market cap is $3.20 Billion. Analysts are neutral and suggest that the TAO token price may stretch the up move and will reach the $500 mark this month.
<h2 class="wp-block-heading" id="strong-bittensor-tao-looks-bullish-rally-imminent-strong">Bittensor (TAO) Looks Bullish: Rally Imminent?</h2>
For weeks, the TAO token was in a retracement phase and completed a correction over 38% last month. Still, the token placed above the 50 day EMA mark and relatively looked stronger as compared to its peers. 
<a href="https://www.tradingview.com/chart/TAOUSDT/qaKiV76Q-TAO-token/" rel="noopener noreferrer nofollow"></a><a href="https://www.tradingview.com/u/TheCoinRepublic/" rel="noopener noreferrer nofollow"></a><a href="https://www.tradingview.com/" rel="noopener noreferrer nofollow"></a> 
Source: TradingView
The price action highlights that the token has made a fresh new higher high above the $450 mark and guides a trend reversal on the charts.
Some of the prominent analysts have shared their opinion on the X platform which gave belief that token might outperform ahead. The Relative Strength Index (RSI) curve stayed in the overbought zone and formed a positive crossover on the charts.
Per the tweet from @Crypto Rand, the TAO token is ready to surf gains ahead and displayed a bullish price action.
<center>
 <blockquote class="twitter-tweet">
 <a href="https://twitter.com/search?q=%24TAO&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$TAO</a> pushing for the mega bullish breakout. Ready to surf the <a href="https://twitter.com/hashtag/AI?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#AI</a> wave <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f3c4.png" alt="🏄" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://t.co/FEnFbQX7ft" rel="noopener noreferrer nofollow">pic.twitter.com/FEnFbQX7ft</a>— Crypto Rand (@crypto_rand) <a href="https://twitter.com/crypto_rand/status/1792602355319410939?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">May 20, 2024</a>
 </blockquote>
 <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</center>
Source: X
Similarly, @Crypto Tony said that <a href="https://www.thecoinrepublic.com/2024/05/21/bittensor-tao-breached-trendline-can-tao-retain-500-mark/" target="_blank" rel="noopener noreferrer nofollow">TAO token</a> has breached the downward trendline hurdle and may skyrocket in the upcoming sessions.
<center>
 <blockquote class="twitter-tweet">
 <a href="https://twitter.com/search?q=%24TAO&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$TAO</a> / <a href="https://twitter.com/search?q=%24USD&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$USD</a> – Update $408.00 i am in since and will hold while we are above. Nice break of the downtrend line here <a href="https://t.co/lfqCyuShwc" rel="noopener noreferrer nofollow">pic.twitter.com/lfqCyuShwc</a>— Crypto Tony (@CryptoTony__) <a href="https://twitter.com/CryptoTony__/status/1793362443403444252?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">May 22, 2024</a>
 </blockquote>
 <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</center>
Source: X
<h3 class="wp-block-heading" id="strong-surge-in-volatility-and-santiment-data-strong">Surge in Volatility and Santiment Data</h3>
Following the price up move, the price volatility data sharply shot up over 43% to 0.029 mark, signifying the investor speculation. <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=xrp&amp;pt=XRP&amp;df=2023-11-23T18%3A29%3A59.746Z&amp;dt=2024-05-23T18%3A29%3A59.746Z&amp;emcg=1&amp;emhwm=1&amp;wm=%5B1%3Bprice_volatility_1d%3Bbittensor%3BTAO%5D%3B%5B1%3Bsentiment_volume_consumed_total%3Bbittensor%3BTAO%5D&amp;wax=0%3B1&amp;wc=%23FF5B5B%3B%23FFCB47&amp;ws=%7B%22interval%22%3A%221d%22%7D%3B" scrolling="no"></iframe>
Source: Santiment
Going forward, the weighted sentiment data looked positive and is favouring the bull army, and suggests that the token has potential to outperform in the next sessions.
<h3 class="wp-block-heading" id="strong-development-activity-data-skyrockets-what-does-it-indicate-strong">Development Activity Data Skyrockets, What Does it Indicate?</h3>
For weeks, the development activity data noted a consistent rise, soaring over 25% this week, signifying the positive outlook. <iframe loading="lazy" title="Santiment Chart: Development Activity (TAO), Percent of Stablecoin Total Supply held by Whales with more than 5 million USD" width="1170" height="425" src="https://embed.santiment.net/chart?ps=xrp&amp;pt=XRP&amp;df=2023-11-23T18%3A29%3A59.746Z&amp;dt=2024-05-23T18%3A29%3A59.746Z&amp;emcg=1&amp;emhwm=1&amp;wm=%5B1%3Bdev_activity%3Bbittensor%3BTAO%5D%3Bpercent_of_whale_stablecoin_total_supply&amp;wax=0%3B1&amp;wc=%23FF5B5B%3B%23FFCB47&amp;ws=%7B%22transform%22%3A%7B%22type%22%3A%22moving_average%22%2C%22movingAverageBase%22%3A42%7D%2C%22interval%22%3A%221d%22%7D%3B" scrolling="no"></iframe>
Source: Santiment
<h3 class="wp-block-heading" id="strong-futures-data-reveal-long-build-up-activity-strong">Futures Data Reveal Long Build Up Activity</h3>
The futures data reveal the long buildup activity and is highlighting investor willingness to buy the TAO token.
<div class="wp-block-image">
 <figure class="aligncenter"><img decoding="async" src="https://lh7-us.googleusercontent.com/docsz/AD_4nXeAFvtAr1PHMgupuAUkBmp4q6uU5T_-xo7XkHFx49rWK5ZEoyOe7IebHCPfgacj9XuUP--jg9HGyomd1Gfcxm_4LB-zyEV0hQvd2sdZTYoxTuB1PLh92Us8BGTNqLcI5S_wqd8jQCBbnsW8vzW2F2gMF9jH?key=avTVtzixGpPcxtp5oNeEuQ" alt="">
 </figure>
</div>
Source: coinglass
The open interest data spiked over 11.28% to $57.10 Million in the last 24 hrs, revealing the potential surge of the token.
<h4 class="wp-block-heading">Conclusion</h4>
The Bittensor (TAO) price has triggered a trendline breakout and is likely to skyrocket gains ahead. Moreover, the token has escaped the key moving averages and will reach the $500 mark soon.

Bittensor (TAO) Triggered Breakout: Major Rally Still On Cards

Table of Contents

Thecoinrepublic.com

Other articles published on May 23, 2024

ByBit CEO Debunks Insolvency Rumors, Shares PoR Link

Vitalik Buterin on Layer-2 vs. Layer-1 Trade-offs and ERC-7683

Ethereum Shows Bullish Signs With Its Strong Momentum

Swimming Cat (SWIMCAT) Will Surge 15,000% Ahead of Bitrue Listing, Looks to Challenge Shiba Inu a...

Bitcoin Traders Predict False Drop, Foresee Impending Price Surge

Zeneca’s portfolio peaked at $20M — and he has ‘2021 vibes’ again: NFT Collector

Join our free newsletter for daily crypto updates!