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The Bittensor price plummeted 6% in the last 24 hours to trade at $394.92 as of 00:11 a.m. EST on trading volume that skyrocketed 108% to $68 million.
Bittensor is a project pioneering the decentralized production of Artificial Intelligence (AI). Its price plunge comes despite the AI crypto market surge in the past few months.
Bittensor Price To Sustain Its Breakout Over The Falling Wedge
According to GeckoTerminal, the Bittensor price was on the rise at the beginning of May, experiencing a 48% increase to the resistance of around $487. However, the bulls have not been able to reclaim this high, with TAO retracing through a falling wedge pattern.
The support zone around $384.17 has provided the bulls with the support they needed to push the price above the wedge.
TAO is trading below both the 50-day and 200-day Simple Moving Averages (SMAs), which coincides with the price trading down and the current retrace.
However, the reading on the Relative Strength Index (RSI) shows that buyers are preparing to push the price as the RSI moves up toward the 50-midline level, currently at 48, indicating increasing buying pressure.
The Moving Average Convergence Divergence (MACD) is also bullish, with the blue MACD line crossing above the orange signal line, representing a bullish crossover. Optimistic investors use the bullish crossover as a signal to add to their buys, which could likely push the price even higher.
Moreover, the green bars on the histogram also extend gracefully above the neutral line to show that TAO is currently on a positive momentum. This is confirmed by the movement of the Average Directional Index (ADX) trading above level 25, currently at 30, an indication that TAO is on a strong bullish trend.
Bittensor Price Prediction
The Bittensor price long-term analysis indicates that TAO is currently on a breakout, as it aims at soaring over the upper boundary of the falling wedge pattern as the bulls target $480.
The main indicators, including the RSI, MACD, and ADX, indicate that TAO is currently on a positive trend, which could offer bullish prospects for optimistic investors, possibly pushing the price even higher.
However, the 50-day SMA is crossing below the 200-day SMA as it forms a death cross at $417.03. A death cross could further push the TAO price down to the support zone around $374.97, acting as a cushion against downward pressure.
Meanwhile, as the Bittensor bulls gear up for a bullish rally above the falling wedge, investors are also buying AI meme coin, WienerAI, a hybrid token that aims to use its AI capabilities to emulate the success of other canine meme coins like Doge and SHIB.
WienerAI Presale Blasts Past $1.3 Million – Best AI Crypto To Buy Now?
WienerAI (WAI) is a project that fuses animal memes, advanced AI tech, and a bit of processed meat humor. The project has garnered a huge following, with its presale already soaring past $1.3 million in funds raised.
We Welcome Wiener Hoarders!
AI-Enhanced Trading. Sausages. A match made in heaven!
— WienerAI (@WienerDogAI) May 5, 2024
As a means of improving its utility, the project has recently added a trading bot to its platform, which has user-friendly AI-enhanced trading, seamless swap functionality, and zero fees.
WienerAI boasts carefully designed tokenomics aimed at fostering long-term sustainability and growth. The team has already set aside 20% of tokens for staking rewards, where users can stake $WAI for an impressive 706% annual percentage yield (APY).
Let us do the heavy lifting.
You just chilllllll 🌭🌭🛋️
Staking Rewards Currently At 941% pic.twitter.com/uTq71ylxTF
— WienerAI (@WienerDogAI) May 4, 2024
99Bitcoins, a prominent crypto YouTube channel with more than 700,000 subscribers, believes that $WAI has the potential to explode 100X after launch.
To participate in the presale, you can purchase $WAI tokens on the official website here for $0.000705 each.
Act soon if you are interested because there will be a price hike in less than 2 days. You can use ETH, USDT, or your bank card to make the purchase.
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