Hi Guys,
It's Big & Big #alert About $TAO Leading Crypto $AI Coins !!!
Bittensor's open interest nears ATH — Is a TAO bullish rally ahead?
Bittensor gaining traction after over 12% returns, showing potential for higher prices soon.
BitTensor [TAO], a leading AI coin, is gaining significant traction in the cryptocurrency market as web3 continues to evolve on blockchain technology.
In the last 24 hours, TAO has recorded over 12% gains, making it the top-performing coin among the top 50 by market cap at press time, according to CoinMarketCap.
TAO is well-positioned to surpass Fetch.AI (FET) as the top AI coin, depending on broader market conditions.
Major companies like Nvidia (NVDA) recently posted better-than-expected earnings, influencing the market with their collective views.
This has sparked a bullish sentiment toward AI coins, as Nvidia plays a significant role in the AI industry.
TAO price actions wicks to around $440
In the past 24 hours as at press time, TAO’s price spiked to $440 on Kucoin Exchange but faced immediate rejection, suggesting strong selling pressure at that level.
This creates a significant resistance zone moving forward. Typically, wicks are viewed as gaps that markets tend to fill, meaning BitTensor needs to climb higher to fill this gap.
Whether TAO/USDT will rally to fill this gap remains uncertain, as the price rejection could indicate that sellers still hold control. However, TAO briefly wicked above $356, where there’s liquidity due to equal highs at this level.
Additionally, the bullish close of the August 5th candle, a hammer with a long tail, suggests increasing buying pressure.
TAO/USDT’s consolidation, while in a range, is marked by higher lows, which is typically a bullish signal.
The Chaikin Money Flow, currently negative, hints at a possible reversal that could drive TAO’s price higher.