[Can Bittensor (TAO) 2x? Price Analysis and Future Outlook]
Bittensor (TAO) is showing strong buying momentum on the daily chart since July 7, 2024, growing over 65% in two weeks. The price is rising after stabilizing and is now facing resistance at the 200-day EMA band.
According to CoinMarketCap, TAO spot trading volume is $60.709 million and its market capitalization is $2.323 billion. Liquidity is weak (2.61%), investors should exercise caution (DYOR). TAO ranks 44th among the top 50 cryptocurrencies on CoinMarketCap.
From October 2023 to March 2024, TAO brought investors returns of more than 1,500%, reaching an all-time high (ATH) of $755. However, subsequent profit-taking trimmed its growth by about 70%. Despite the price decline, TAO has gained nearly 900% from its all-time low in mid-May 2023.
TAO has a circulating supply of 7,092,000 (33.78%), a total supply of 21,000,000, and an FDV of $687.5 million. According to TAO Derivatives data, contract openings increased by 3.43%, with total open interest at $47.7 million. Derivatives trading volume increased to $98.8 million, with clearing data showing long dominance, with $42,500 in short liquidations and $61,060 in long liquidations.
TAO gained over 290% from January 8, 2024, to March 7, 2024, but fell back after encountering resistance at $755.86. Prices bottomed out on July 5 before rising more than 65% again in the next two weeks and nearly 38% in the past week.
As of this writing, the price has broken above the upper boundary of the falling wedge, indicating a bullish pattern. If the breakout continues, upside targets are $370 and $430. However, if the price falls back within the pattern, a bearish or sideways move is possible with support at $200 and $135 respectively.
Indicators are bullish: the MACD shows a bullish crossover, the histogram grows to 13.75, and the RSI rises into overbought territory, reaching 63.12.
