Home Altcoins News Bittensor (TAO) Soars 106% in 30 Days: Analysts Predict Continued Rally

Bittensor (TAO) Soars 106% in 30 Days: Analysts Predict Continued Rally

Bittensor Soars

Bittensor, the cryptocurrency focused on artificial intelligence, has recently made headlines with its impressive performance. Over the past 30 days, Bittensor’s token, TAO, has high by 106.8%, making it the third-largest gainer among the top 100 cryptocurrencies, trailing only Neiro and Sui. This remarkable increase has pushed TAO’s market capitalization to over $4.79 billion, with the token currently trading at $649.

The Drivers Behind TAO’s Rise

Several factors have contributed to Bittensor’s impressive rally. One significant influence is the robust performance of Nvidia Corp, which has seen its stock rise 15.4% over the last month, closing at $134.80 on October 13. Nvidia’s remarkable success has propelled its market cap to a staggering $3.31 trillion, according to MarketWatch. This surge in Nvidia’s stock has had a ripple effect, boosting TAO and other AI-centric cryptocurrencies, which collectively saw their market cap increase by 1.6% in the last 24 hours, now totaling approximately $29.8 billion.

Institutional Interest Fuels Confidence

Another crucial factor driving TAO’s growth is increasing institutional interest. Grayscale, one of the leading digital asset management firms, recently discovered a fund focused on Bittensor, amassing $4.9 million in assets under management. This decision to boost Bittensor’s allocation in its AI fund from 2% to 31% has significantly enhanced investor confidence, leading to a greater adoption of TAO.

In addition, Bittensor’s demand in the futures market has reached unprecedented heights, hitting a record $220 million on October 14, a substantial increase from just $46.8 million in September. This surge in open interest signifies a growing appetite among traders and investors, indicating a strong belief in Bittensor’s future potential.

Rising Activity on the Bittensor Network

On-chain metrics also reflect the increasing activity on the Bittensor network. The number of active accounts has risen to 134,000, up from 127,000 at the end of September. Moreover, the total TAO staked by holders has surpassed 5.9 million tokens, further indicating a vibrant and engaged community of investors.

Analyst Predictions for TAO’s Future

With such strong momentum behind Bittensor, many analysts are optimistic about TAO’s future performance. One analyst recently shared a bullish outlook on X, setting a short-term target of $1,000 and a mid-term target of $3,330 for the token, citing robust technical indicators.

Pseudonymous trader XO also noted that TAO is trading within an upward channel, suggesting that if the trend continues, a breakout could occur in the $768 to $780 resistance zone. However, there are cautions to consider: the $650 mark serves as a crucial support level. If TAO falls below this threshold, it could invalidate the bullish outlook and signal a potential reversal in momentum.

Technical Analysis: What the Charts Reveal

Current technical analysis of TAO provides further insights into its price action. On the 1-day price chart, TAO is positioned above the 50-day Moving Average, which typically signals a bullish trend and potential for continued upward momentum. The Relative Strength Index (RSI), currently at 65, has pulled back from overbought levels but remains solidly above 60. This indicates that bullish sentiment persists and that there is still room for gains in the short term before the asset approaches overbought territory, which could potentially trigger a trend reversal.

Conclusion: A Bright Future for Bittensor?

In summary, Bittensor’s remarkable rise of 106.8% in just 30 days highlights the growing interest in AI-focused cryptocurrencies. With strong backing from institutional investors, a vibrant trading environment, and positive technical indicators, many believe that TAO’s rally could continue in the coming weeks and months.

As always, investors should remain vigilant and conduct thorough research before making any investment decisions in the ever-evolving cryptocurrency landscape. The current momentum is promising, but the volatility of the crypto market requires careful consideration and strategy.

Read more about:
Share on

Pankaj K

Pankaj is a skilled engineer with a passion for cryptocurrencies and blockchain technology. With over five years of experience in digital marketing, Pankaj is also an avid investor and trader in the crypto sphere. As a devoted fan of the Klever ecosystem, he strongly advocates for its innovative solutions and user-friendly wallet, while continuing to appreciate the Cardano project. Like my work? Send a tip to: 0x4C6D67705aF449f0C0102D4C7C693ad4A64926e9

Crypto newsletter

Get the latest Crypto & Blockchain News in your inbox.

By clicking Subscribe, you agree to our Privacy Policy.

Get the latest updates from our Telegram channel.

Telegram Icon Join Now ×