The Bittensor price surged 21% in the last 24 hours to trade at $555 as of 3 a.m. EST on trading volume that skyrocketed 60% to $306.4 million.
The project’s native cryptocurrency, TAO, became one of the top-performing altcoins in the last two weeks, as the Bittensor network getts ready for its upcoming upgrades, including receiving EVM compatibility and implementing Ethereum smart contracts.
The Opentensor Foundation posted a video on September 15 in which it said that Ethereum smart contracts will become part of the chain soon, which will be a positive change for trustless cross-chain bridges and more hierarchical designs on top of the subnets.
The foundation members also discussed the EVM compatibility during a Bittensor meetup at Token2049. After the event, Tensorplex Labs’ @Xponentcrisis commented that the EVMs will be great for DeFi, but they will also allow subnet operators to unlock a new layer of orchestration to enable them to push the ideas further.
Some notes from the Bittensor event this morning:
– For many ETH OGs entering the ecosystem, Bittensor’s incentive mechanism – which encourages the design of ecosystems centered around a decentralized objective function – has sparked the same excitement they once felt when smart…
— xponentcrisis (@xponentcrisis) September 19, 2024
The token’s price has been growing consistently for weeks now, starting on September 7, only to see a sharp surge in the last 24 hours. The big question now is whether it is too late to buy TAO at this point.
Bittensor Price Prediction
Following the Bittensor price surge in the last 24 hours which allowed it to reach the height of $580, the token saw a slight rejection which brought it down to its current value of $555. While it is likely that the price will recover relatively soon and potentially even retest the resistance, it might continue to correct for a while longer first.
The token’s Bollinger bands are still extremely wide, but the price has separated from the upper band and is now dropping toward the middle point between it and the lower band. This is rushing it toward the neutral position, although it remains to be seen whether it will remain between the two, or if it will start sinking further and pushing the lower band down.
Meanwhile, the project’s Relative Strength Index (RSI) value has previously skyrocketed to 85.72, venturing deep into the overbought territory, which starts at the value of 70. Since then, the RSI has seen a strong dip back to its current 62.02, spiraling down toward the neutral zone at around 50.
Bittensor Price Could Spiral Down
Given the token’s popularity over the last few weeks among traders, it is possible that many will rush in to buy the dip once the RSI drops to the value of 50, in which case the price will likely have another chance to retest the upper barrier. However, if the bears overtake the market, the RSI could keep spiraling down toward the oversold territory, in which case a much deeper dip is to be expected.
For the moment, most major cryptos are trading in the green as far as their weekly and 24-hour performances go, but many are starting to enter the red on a 1-hour basis, suggesting that the start of the week is bringing another bearish wave.
This could reflect on TAO’s performance as well, causing the traders to keep selling until the RSI dips deeper, although this is not yet a certainty.
Promising Alternative to Bittensor
A potential alternative to Bittensor is Mega Dice (DICE). The DICE token is the native cryptocurrency of the Mega Dice casino, a platform with over 50,000 registered users, and over 10,000 monthly active players who wager more than $50 million every month.
Mega Dice offers thousands of games and numerous sports for players to bet on, and while it offered its users the ability to wager using cryptocurrencies, it did not have a native token to call its own until now.
The DICE token is coming to fill that void, and it already offers numerous benefits to its holders, including daily rewards that will depend on the casino’s performance, access to limited-edition NFTs, and even early bird bonuses for those who buy DICE during its presale.
$DICE Launch on Raydium 🚀
We’re excited to share that $DICE will officially launch on Raydium DEX on September 30th at 15h00 CET! 🎉
Get ready for the next big step in #GameFi on #Solana as we bring you unparalleled opportunities and exciting rewards, including exclusive… pic.twitter.com/qvAND54tbk
— Mega Dice Casino (@megadice) September 20, 2024
DICE also has aspirations to become the #1 GameFi token on Solana’s ecosystem and crypto YouTuber TodayTrader, with almost 12k subscribers, speculates that it will be an ”easy 100X” after its launch.
One important thing to note is that the token will only remain in presale for six more days. An announcement on X said that the DICE token will go live on Solana’s DEX Raydium on September 30, so anyone looking to buy should do it before that date.
So far, the project’s ICO raised over $1.87 million, and DICE is selling for only 0.116056. You can buy it with SOL, ETH, or BNB.
Visit the official DICE website here.
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