#lets know coin - Bittensor
Current Price: $376
Market Cap: $2.77 billion
1W Trading Volume: $785 million
Percentage change in Price (1W): +32.5%
Analysis:
Bittensor (TAO) has experienced a downward trend since reaching its all-time high in March 2024, now trading over 50% below that peak. Recently, the price has shown signs of bottoming out, offering some hope for a reversal. Currently, TAO is trading above its 50-day Exponential Moving Average (EMA) but just below the 200-day EMA. A breakout above the 200-day EMA could attract bullish attention.
TAO has been moving within a defined range, with support at the lower end of the $225 to $250 zone. To regain bullish momentum, it needs to break above the upper end of this range, around $365 to $400 - which TAO price is within currently. If this resistance is surpassed successfully, TAO could rally to $470 by month’s end and possibly achieve a new all-time high by the close of 2024, following broader crypto trends. On the downside, the $225 to $250 zone is expected to provide solid support, as it has done in recent weeks.
