$TAO 🤑my dear, be always here🤑
TAO, Bittensor, a decentralized machine learning network, has witnessed a significant surge in the value of its token TAO. In the past month after being listed on Binance, it reached an all-time high of over $700. The gains over the last week and month are largely attributable to Bittensor's status and the growing interest in AI, which is attracting investors.
When examining the broader picture, TAO's 30-day average has been well above the 200-day since mid-November, indicating that a correction was needed. Despite these red candles, the coin is still awaiting a potential Bitcoin pump, which could definitely lead to additional spikes in the next few weeks.
TAO's chart reveals a token with considerable momentum at present, following the recent Federal Reserve decision. However, it may have peaked under $400 or could be on the way down for testing other levels while Bitcoin is declining.
In the short term, the decision to hold interest rates steady could have a mixed impact on cryptocurrencies. On one hand, steady interest rates might reduce the appeal of safer investments, potentially driving some investors towards riskier assets like cryptocurrencies. On the other hand, if the market was expecting a rate cut, the decision to hold rates steady could disappoint investors and put downward pressure on crypto prices.
Further evidence comes from the core project itself. Therefore, despite the current correction, the ongoing interest in AI is likely to keep pushing TAO higher in the longer term. As you are aware, the hype for AI remains very strong. Consequently, the prices of AI coins are largely driven by their status as decentralized machine learning networks and the growing interest in AI. To date, Bittensor has yet to produce or roll out a significant AI-based dApp or project. Once its ecosystem starts growing and offering genuine utility, the Bittensor price could rise even higher.
It is believed that TAO could reach $550 in the next few weeks, before topping $700 🤑at some point in the summer. However, for traders concerned about TAO, there are other promising AI projects that appear poised for a surge in the coming months such as( $EFT $RNDR $CTXC ..)🤑🤑
Therefore, if the interest in AI continues to grow, it could offset any negative impact from the Federal Reserve's decision and push TAO and other AI cryptocurrencies higher in the longer term.
Finally, I want to remind you, while the Federal Reserve's decision is an important factor to consider, it is just one of many factors that could impact the price of TAO and other AI coins. As always, You as an investor should conduct YOUR own research and consider YOUR own risk tolerance when making investment decisions, be smart. 😎
