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The Bittensor Price has skyrocketed by 138% in the last seven days to trade at $659.55 as of 1:00 a.m. EST.
Bittensor Price Prediction: TAO Diplay’s Bullish Santiment
The chart is displaying a general uptrend as evidenced by higher highs and higher lows. The Bittensor price is exiting the upper boundary of the ascending channel, which suggests that the asset is at a potential resistance level as the price action is contained within the ascending channel, marked by two parallel trendlines that are sloping upwards.
On the other hand, the Money Flow Index (MFI) is at 66.18, which is relatively high and indicates buying pressure. This oscillator takes both price and volume into account, suggesting that there is significant money flowing into this asset. Additionally, the Average Directional Index (ADX) line is at 39.22, which indicates a strong trend.
However, the Bittensor price is approaching the lower trendline, suggesting a potential retracement or consolidation in the near term before attempting a retest on the upper resistance trendline. Additionally, with the MFI approaching having been in overbought territory (above 80) and now moving south, it could signal a potential pullback on the Bittensor price.
3-hour Bittensor/Tether chart | Source: TradingView
A Promising Alternative
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The meme coin has also received an endorsement from Tron founder Justin Sun, who bought Sponge tokens last year that now are worth in the region of $100k.
#PeckShieldAlert The address 0x9FCc…19Fe (Suspicious #JustinSun related) has withdrawn 6,166 $ETH (worth ~$13.8M) from #Binance pic.twitter.com/8jGbcwRvzg
— PeckShieldAlert (@PeckShieldAlert) December 26, 2023
Sponge V2 offers a new and unique staking mechanism, a play-to-earn (P2E) game, and a substantial marketing budget. With more than 8.3 billion tokens now staked, token holders are benefiting from annual percentage yields (APY) as high as 1,109%.
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Crypto analyst and YouTuber Jacob Bury says the project has the potential to 100X on launch, and even overshadow Pepe.
With rumors of imminent new listings on major exchanges, time is likely running out to buy Sponge V2 at current low prices, so act now if you are interested.
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