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The Bittensor price surged by 14% in the last 24 hours to trade at $481.15 as of 4.20 a.m. EST on trading volume that jumped 21% to $79.9 million.
That made TAO the top gainer on CoinMarketcap among the biggest 100 cryptos by market capitalization.
TAO has seen a significant surge as it built up short-term momentum to get above the main DMAs. The popular AI cryptocurrency started to climb in November 2023, which eventually led it to an all-time high at $767, which it reached on April 11. It has since corrected, to a support at $400, and is now trying to use the current market conditions to recover.
Recent data showed that TAO is probing for a break above its 50DMA, and if it manages to succeed, it would have no major obstacles on its way back to the $750 mark. However, certain technical indicators suggest that its price might be in for a correction.
Bittensor Price Prediction
Technical indicators are often a good thing to see in the market situation and to try to predict what will happen next based on various factors.
For example, the project’s Bollinger bands are still wide but have started to narrow over the last few hours. The narrowing is a bearish sign, which suggests that the Bittensor price might see a correction. However, since it was a very mild narrowing, it might simply mean that the token is entering a state of fragile stability.
On the other hand, there is the project’s Relative Strength Index (RSI) value, which recently hit the overbought territory, when the price skyrocketed. Since then, the RSI score dropped to 50 – the true neutral value. Since then, it surged back up briefly, as investors moved in to buy the dip, but it did not go too high, suggesting that most traders are waiting to see what will happen.
The brief surge was likely a result of whale activity, and it placed RSI at the current value of 56.33. This leaves it with plenty of room to grow before it reaches the overbought zone again, but right now, the buyers are hesitating.
All of this shows that TAO achieved temporary stability and that no one is sure where it might go from here. However, with a large portion of the market trading in the red right now, the conditions are not the best for a surge, suggesting that a mild correction might be in order.
This could still change at any time, as the crypto industry remains as volatile as ever, so buying TAO now might not be a bad call. But, this is something that each trader has to decide on their own, as it is their money on the line.
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