Bittensor

2024

Million

Daily

Coin

<p><strong>Bittensor (TAO)</strong> is in the third day of a bullish spell on the daily chart. Price has shown&nbsp; signs of sustenance at a crucial demand zone, where the last rally popped out.</p> 
<p>Bittensor has given over 1600% in returns to investors, peaking at $755 (ATH) from October 2023 to March 2024. However, it was followed by profit booking, losing nearly 70% of its gains.</p> 
<p>Despite the fall, the TradingView of (<strong>TAO/USDT: MEXC</strong>) showed that by May 2023, it had an all-time low level, and its current price has traded nearly 800% higher.</p> 
<p>Per the tokenomics, 33.45% of the supply is in circulation out of the total supply of 7.024 Million TAO. Meanwhile, the FDV, as of writing, stands at $5.528 Billion, as its maximum supply has been capped at 21.0 Million TAO.</p> 
<p>According to CoinMarketCap, TAO demand surged, as its spot trading volume amounts to $69.911 Million, and in the last 24 hours, increased by nearly 22%. Following this, the market cap has also reflected a surge of around 12%, which amounts to $1.855 Billion.</p> 
<p>Similarly, in terms of market cap, <strong>TAO </strong>is among the top 50 cryptos on CoinMarketCap, ranking 46th.</p> Million, and in the last 24 hours, increased by nearly 22%. Following this, the market cap has also reflected a surge of around 12%, which amounts to $1.855 Billion. Similarly, in terms of market cap, TAO is among the top 50 cryptos on CoinMarketCap, ranking 46th. <iframe loading="lazy" title="Santiment Chart: Development Activity (TAO), Dev. Activity Contributors Count (TAO)" width="800" height="425" src="https://embed.santiment.net/chart?ps=bittensor&amp;pt=TAO&amp;df=2023-09-08T00%3A00%3A00.000Z&amp;emcg=1&amp;wm=dev_activity%3Bdev_activity_contributors_count&amp;wax=0%3B1&amp;wc=%238358FF%3B%23FF5B5B&amp;ws=%7B%22transform%22%3A%7B%22type%22%3A%22moving_average%22%2C%22movingAverageBase%22%3A21%7D%7D%3B" scrolling="no"></iframe> 
<p>Furthermore, the development activity is on the rise, reflecting high activity in the form of ongoing projects and developments.</p> 
<h2 class="wp-block-heading" id="h-reading-derivaties-data"><strong>Reading Derivaties Data</strong></h2> 
<p>Open Interest: 8.82% of new contracts have been opened, amounting to $40.40 Million in the past 24 hours, followed by the massive volume of derivatives that amounted to $144.77 Million.</p> 
<figure class="wp-block-image">
 <img decoding="async" src="https://lh7-us.googleusercontent.com/docsz/AD_4nXc9e_ZmYy3_5Hen5gPtZ4dnLvhRsvBqzP6BWqzYfQzQ7TOVeWBms8AOO3XPL2xRk3OzPQaifhnEwn-Jb_h1Zkr06rbvPxOy-tzoaAKUk6E6zcRg3NLmj5bg0umOYouAxiBhxtZ73sSiqYmSyo68Fr9ciFrB?key=7ic39nsuNGSbG3Ev7XnE1w" alt="TAO Futures Open Interest">
 <figcaption class="wp-element-caption">
  TAO Futures Open Interest (USD) | Source: Coinglass
 </figcaption>
</figure> 
<p>The liquidation chart highlights the tremendous long liquidation responsible for robust profit booking witnessed on the <a href="https://www.thecoinrepublic.com/2024/07/03/bittensor-tao-price-plummets-over-12-amid-suspected-wallet-hack/"><strong>TAO </strong>daily chart</a>.</p> 
<p>Despite the massive longs over the last few days, bullish presence was witnessed, as the shorts liquidated were higher than longs. The liquidated shorts amounted to $102.00K, and the longs stayed low at around $49.59K.</p> 
<figure class="wp-block-image">
 <img decoding="async" src="https://lh7-us.googleusercontent.com/docsz/AD_4nXeDa8XKv-vnVIw8fllN5BKe8QveoZeMpDTix6MNU-Ls58CPXCaMWo0yd5Uw79AYWeqXHQw4gFP1aOgac3LO7Nd8-qOrGvGzmtMPfo7LAM_SL-8izG6FCI3iP8FfOFMXVHOH9xZqOTknSDpuUdPnMdMn8oUR?key=7ic39nsuNGSbG3Ev7XnE1w" alt="TAO Total Liquidations Chart ">
 <figcaption class="wp-element-caption">
  TAO Total Liquidations Chart | Source: Coinglass
 </figcaption>
</figure> 
<p>The following behavior signifies that bulls are showing interest in <strong>TAO</strong>.</p> 
<h2 class="wp-block-heading" id="h-tao-price-could-2x-analyst"><strong>TAO Price Could 2x: Analyst</strong></h2> 
<p>According to JoshTrades, the price could double if it continues to stay between $215 to $200. He noted that $450 price level could be achieved at this rate.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="und" dir="ltr"><a href="https://twitter.com/search?q=%24TAO&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$TAO</a> $450 <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f9f2.png" alt="🧲" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://t.co/0CadA0XAYd">pic.twitter.com/0CadA0XAYd</a></p>— Josh (@JoshTrades_) <a href="https://twitter.com/JoshTrades_/status/1810669472245784862?ref_src=twsrc%5Etfw">July 9, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
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</figure> 
<p>The daily chart highlights a three-candlestick pattern called ‘three white soldiers,’ which signifies bullishness. At press time, TAO was trading at $267.35, approaching dynamic EMA hurdles.&nbsp;</p> 
<p>The RSI was at 48.26, which took a U-turn from oversold territory and is headed towards overbought zone. MACD has built a bullish cross below the zero line, with a growing histogram at 4.61.</p> 
<h2 class="wp-block-heading" id="h-forecast-on-the-daily-chart"><strong>Forecast on the Daily Chart</strong></h2> 
<p>If <strong>TAO</strong> rises above the anticipated falling wedge and breaks out, the first interruption would be at $300, followed by $353.</p>    
<p><a href="https://in.tradingview.com/chart/TAOUSDT/wgDYMPmx-Bittensor-TAO-Price-Analysis-By-Analyst-Highlights-An-2x-Expec/"></a><a href="https://in.tradingview.com/u/Sam_TCR/"></a><a href="https://in.tradingview.com/"></a></p>  
<p>On the contrary, if it fails to pass the dynamic upper trendline, it would fall back toward the demand zone between $200 and $150. TAO is showing signs of a bull run after as it finds support at a crucial zone. Bullish chart patterns and indicators suggest price increases are lined up.</p> 
<p>The post <a href="https://www.thecoinrepublic.com/2024/07/11/bittensor-tao-in-bullish-territory-will-it-break-out/">Bittensor (TAO) In Bullish Territory: Will It Break Out?</a> appeared first on <a href="https://www.thecoinrepublic.com">The Coin Republic</a>.</p>

Bittensor (TAO) In Bullish Territory: Will It Break Out?

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