bullish

Bittensor

Resistance

Billion

<p>The Bittensor TAO token has also shown an upward trend within a day, rising by 16.28% to a trading value of $537.55. The level of TAO has surged much higher due to increased confidence amongst novices and frequent demand for the stock, with the trading volume having risen by 122.29% to $363 million. </p> 
<p>It is also worth mentioning that Bittensor has experienced significant fluctuations in its price; the asset was around $540 after it reached $575 earlier during the day. Specifically, in the most recent days, the price has displayed a consolidating pattern, strengthening the possibility of a breakout. </p> 
<p>This phase in consolidation is usually accompanied by a ‘tight range.’ Thus, the bulls could be set to swing in <a href="https://www.thecoinrepublic.com/2024/07/14/bittensor-tao-bounces-from-support-can-it-continue-to-rise/">Bittensor</a> in the following sessions.</p> 
<h2 class="wp-block-heading" id="h-market-cap-just-under-4-billion"><strong>Market Cap Just Under $4 Billion</strong></h2> 
<p>Bittensor’s market capitalization is less than $4 billion. At the time of writing this article, with a circulating supply of about 7.38 million TAO, the token’s fully diluted market capitalization was over $11 billion. This highlights its massive potential for valuation, especially given its <a href="https://www.thecoinrepublic.com/2024/09/21/bittensor-price-breaks-silence-with-an-18-rise-eyeing-500-next/">impressive performances</a> in the past few days.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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   <p lang="en" dir="ltr"><a href="https://twitter.com/search?q=%24TAO&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$TAO</a> market cap at just under $4B … simply criminal and an easy 10X from here at the cycle top <a href="https://t.co/wnkOCiGzgs">pic.twitter.com/wnkOCiGzgs</a></p>— Satoshi Flipper (@SatoshiFlipper) <a href="https://twitter.com/SatoshiFlipper/status/1838202481714553154?ref_src=twsrc%5Etfw">September 23, 2024</a>
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<p>The rise to a billion dollars in market cap also fits within a narrative of broader market adoption of projects like Bittensor, which promises novel solutions in the more expansive blockchain space. Traders and analysts have paid attention to the token’s performance. </p> 
<p>They are confident that the current value of these tokens means there is still more significantly bullish potential in the token. An analyst echoed this perspective in a recent tweet, pointing out that Bittensor’s market cap is “simply criminal and an easy 10X from here at the cycle top.” </p> 
<p>As for such optimistic expectations, such positive outlooks and values give confidence in the long-term investment asset.</p> 
<h2 class="wp-block-heading" id="h-bittensor-technical-analysis"><strong>Bittensor Technical Analysis</strong></h2> 
<p>The price of <a href="https://www.thecoinrepublic.com/price-prediction/bittensor/">Bittensor</a> has formed higher highs and higher lows, which means persistent demand. Analyzing the hourly chart, we can adjudicate it as a consolidation phase. The BTC/USD price has fluctuated within the $540-$560 zone. This range-bound movement indicates a period of high volatility among traders before a breakout occurs.</p> 
<figure class="wp-block-image size-large">
 <img loading="lazy" decoding="async" width="1024" height="502" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/09/image-268-1024x502.png" alt="" class="wp-image-735102" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/09/image-268-1024x502.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2024/09/image-268-300x147.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/09/image-268-768x376.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2024/09/image-268-1536x753.png 1536w, https://www.thecoinrepublic.com/wp-content/uploads/2024/09/image-268-150x74.png 150w, https://www.thecoinrepublic.com/wp-content/uploads/2024/09/image-268-696x341.png 696w, https://www.thecoinrepublic.com/wp-content/uploads/2024/09/image-268-1068x523.png 1068w, https://www.thecoinrepublic.com/wp-content/uploads/2024/09/image-268.png 1600w" sizes="(max-width: 1024px) 100vw, 1024px">
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<p>1 hour TAO/USDT Chart | Source: TradingView</p> 
<p>The volume oscillator is now -30.67%, suggesting that the buying volume has slightly pulled back from recent extremes. However, this volume decline does not indicate a bearish reversal. Still, some traders may break from the ceaseless speculative posting of their paper wealth. </p> 
<p>Levels at $520 are crucial in this case and should serve as a support zone in case of a temporary retreat. Resistance is observed near $560 on the flipping side, a level that may open the door to further gains if this week’s candle closes below.</p> 
<p>Breaching further above the $560 level may cause a bullish run that, in turn, pushes the prices up. On the other hand, failure to sustain a price above $520 could pull the price back lower, but the general trend remains bullish. This fact, paired with its rapidly increasing market cap to nearly $4 billion and a 16% gain in the past 24 hours, indicates the current investors’ trust in Bittensor.</p> 
<p>The post <a href="https://www.thecoinrepublic.com/2024/09/24/bittensor-pumps-close-20-as-its-market-cap-explodes/">Bittensor Pumps Close 20% As Its Market Cap Explodes</a> appeared first on <a href="https://www.thecoinrepublic.com">The Coin Republic</a>.</p>

Bittensor Pumps Close 20% As Its Market Cap Explodes

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