Bittensor (TAO), a fast-growing blockchain company focused on developing decentralized artificial intelligence (AI), has seen significant growth as the bullish outlook for cryptocurrencies continues to grow amid gold's rally and the Federal Reserve's recent interest rate cuts. Over the past two weeks, $TAO has gained over 131% in price and was trading around $575 in early European trading on Monday.
As a result, this mid-cap altcoin has a fully diluted valuation of around $12.1 billion and an average daily trading volume of around $366 million, suggesting that a new bull run is about to begin. TAO’s daily relative strength index (RSI) has crossed the 70% level for the first time since January 2024, indicating that bulls are in control.
On a weekly timeframe, TAO price continues to close above its 50-day moving average (MA), suggesting further upside in the near term.
Medium-term expectations for Bittensor (TAO) price
From a technical perspective, TAO price could face significant resistance between $560 and $590, which could result in a retracement before the bullish momentum continues to new all-time highs. However, if TAO price follows a bullish breakout similar to that seen in Q4 2023, the altcoin could see sustained gains in the coming weeks.
Nonetheless, if Bitcoin price falls back below $60,000 before the end of September, TAO price could retest support around $357.
In the long run, the much-anticipated altcoin season triggered by the reversal in Bitcoin’s macro dominance will push TAO price towards a parabolic phase.
A growing ecosystem
In recent years, the Bittensor network has grown to over 102,000 accounts with over 2.5 million on-chain transactions. As observed with Nvidia’s parabolic growth, mainstream adoption of artificial intelligence has helped AI-related crypto projects grow exponentially in recent years.
#TAO是人工智能的比特币🚀
