AI projects in the crypto ecosystem have not performed since February 2024. Retracing nearly 75% since the October 2023 ATH, the narrative seems to be running out, even as the master Nvidia in the traditional world continues to perform. As a more favorable crypto seasonality approaches, can we expect a new increase on the TAO?
It is Thursday, September 19, 2024, and the TAO price is around $365.
Our last analysis on TAO dates back to June 25, 2024, in this analysis we mentioned a range scenario between $200 and $400. This range is still developing, giving Bittensor some breathing room after exceptional performances between October 2023 and March 2024. Driven by fundamentals around artificial intelligence (IA), TAO has long been favored by investors to the point of outperforming Bitcoin.
Now in 38th position in the crypto ranking with $2.78 billion in capitalization, Bittensor project still seems to be in the sights of investors. So where are we technically on the TAO token?
| Pairs with Solana | 24 hours | 7 days | 1 month |
| Bittensor/ USDT | +15.30% | +28.60% | +20.90% |
| Bittensor/ Bitcoin | +11.90% | +20.60% | +18.50% |
| Bittensor/ Ethereum | +10.00% | +24.80% | +32.40% |
Cryptoast Research: Don't Spoil This Bull Run, Surround Yourself With Experts
👉 How to easily buy Bittensor (TAO) in 2024?
TAO continues the development of its range!
Bittensor has been rebuilding a bullish structure since early July around the $200 support. However, the Bollinger Bands are still closing, forming a strong resistance as we approach $400.
In a positive polarity, as long as the price action remains above $300, TAO seems oriented to soon test the upper limit of its range. However, the probabilities are not in favor of a bullish breakout at the first test of it.
The breakout scenario could, however, gain relevance in a context where the entire market resumes an upward trend. If prices were to settle back above $400, the first medium-term target for the TAO token could be between $520 and $550.
At the current stage, the most likely outcome remains a rejection of this resistance followed by a retracement allowing the supports to be tested to confirm or not their capacity to support the rest of the movement.
The $350 level (50-week moving average in confluence with the weekly closing levels of mid-July and mid-August) or $300 (range equilibrium) are levels that could serve as support for weekly price action. In the event of a close below the $300 level, a return to the lower limit, close to $200, is to be favored.
TAO token price chart weekly
Join the Cryptoast community on Discord
Bittensor, a force against Bitcoin?
The pair against Bitcoin shows the beginning of a weekly reversal on the long-term interest zone drawn in green. After an excess below the level, the price action makes a lower low than the previous one and then manages to realign highs to the upside. This realignment confirms a weekly bullish trend reversal for the TAO pair against BTC.
Since the week is not closed, we will wait for the shape of the final candle which could maintain, by closing above the peaks of the last week of August, a favorable orientation to continue this trend. On the contrary, a reintegration in weekly closing below the green zone in the coming weeks would mark the end of the probability of outperformance of the Bittensor against BTC.
TAO vs FET Weekly Price Chart
Cryptoast Research: Don't Spoil This Bull Run, Surround Yourself With Experts
In summary, the TAO token of the Bittensor project manages to turn its trend against BTC. If against the dollar the top of the range is close, favorable arbitrages for TAO against BTC could help it surpass this technical level in search of a new rally towards $550.
So, do you think TAO can outperform the crypto market again? Please feel free to give us your opinion in the comments.
Have a great day and we'll see you next week for another technical analysis of altcoins.
Sources: TradingView, Coinglass, Glassnode
The #1 Crypto Newsletter 🍞
Receive a daily crypto news recap by email đź‘Ś
What you need to know about affiliate links. This page may feature investment-related assets, products, or services. Some links in this article may be affiliate links. This means that if you purchase a product or sign up for a site from this article, our partner pays us a commission. This allows us to continue to provide you with original and useful content. There is no impact on you and you can even get a bonus for using our links.
Investing in cryptocurrencies is risky. Cryptoast is not responsible for the quality of the products or services presented on this page and could not be held responsible, directly or indirectly, for any damage or loss caused following the use of a good or service highlighted in this article. Investments related to crypto-assets are risky by nature, readers must do their own research before taking any action and only invest within the limits of their financial capacities. This article does not constitute investment advice.
AMF recommendations. There is no guaranteed high return, a product with a high return potential implies a high risk. This risk-taking must be in line with your project, your investment horizon and your ability to lose part of these savings. Do not invest if you are not prepared to lose all or part of your capital.
To go further, read our Financial Situation, Media Transparency and Legal Notices pages.
As an analyst at Cryptoast Research for several years, I conduct in-depth monitoring of the crypto market to analyze upcoming narratives while keeping an eye on the financial markets.
Emmanuel Lazaro
54 articles
