A researcher @MarcoPoloMaps highlighted a strong potential in Bittensor (TAO), and it has been a much-undervalued asset, as the researcher says. This month, the Grayscale Bittenor Trust release would make investing and trading much easier.
The researcher thinks AI season in the coming months will flourish huge, and $5000 will still be undervalued; it has much higher potential. Meanwhile, the researcher shared one of his drawings, presenting the possible nearest targets in supreme bullish optimistic conditions in the asset.
The Bittensor teams are good, and the projects they are developing are astonishing. They have built Corcel, tradewithdale, and Bettensor-like products, which are already available for many people to try.
Numbers Must Not Be Missed In TAO
Bittensor (TAO) spot volume inflow had increased and amounted to $57.298 Million, and the market cap has risen 9% on intraday, valued at $2.177 Billion. The brief incline from August 5th positioned TAO as the 36th largest crypto by market cap.
Despite multifold optimism in TAO, the liquidity ratio was weak at 2.68%, which seems to be a point of concern. On top of that, so far, 34.52% of the supply floated in the market, precisely 7.249 Million TAOs out of the max supply of $21 Million TAOs.
Per the derivatives, the long-short ratios signified the dominance of bulls over bears, as the ratio was at 1.0325. The 24-hour shorts liquidated were $55.31K, and the longs were mere at $7.37K. For the recent surge in the price of TAO’s short-term trend, the volume surged by 10.12%, and OI surged by 20.91%, showcasing that the demand is on the rise.
Price Action Overview Od Bittensor (TAO)
Bittensor (TAO) has delivered extraordinary returns to investors, soaring over 1600% and reaching a peak of $755.02 between October 2023 and March 2024. However, after hitting this all-time high, TAO encountered resistance in a supply zone, preventing further gains beyond $755.02.
This led to a significant profit-taking phase, resulting in a retracement of more than 70% of its earlier gains. Following the inability to breach the $755.01 mark, the price entered a downtrend, forming lower lows and eventually returning to its initial demand level by July 5th.
Subsequently, the price saw a brief increase, reaching the upper boundary of a falling wedge pattern. Despite this, it faced resistance at $358.01, causing another downward movement. On August 5th, TAO experienced a liquidity-driven spike and, over the next 15 days, traded near the upper boundary of the falling wedge once more.
Currently, the price faces dynamic resistance from the 50-day and 200-day EMAs. A breakthrough of these resistance levels could signal a potential breakout. The MACD indicator has shown a bullish crossover, and the RSI stands at 54.27.
In summary, the short-term outlook suggests potential for upward movement if the falling wedge pattern proves successful. Resistance levels are $488 and $358, while support levels are $260 and $240, respectively.
