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The Bittensor price surged 8% in the last 24 hours to trade at $421.39 as of 3 a.m. EST on trading volume that skyrocketed 62% to $199.86 million.
The TAO price has been surging since July 9, and got a boost two days later when it was announced that Uniswap v3 mechanics went live on Bittensor. The upgrade enabled concentrated liquidity for TAO.
At the same time, Bitcoin has led a new price surge in what many consider to be the start of the bull run that was expected since last year’s block rewards halving.
A combination of these factors allowed the TAO price to soar by 29% in the previous seven days. With the Bitcoin price continuing to grow and breach new levels, will TAO climb further along with the broader altcoin market?
Bittensor Price Prediction
Before July 10, the TAO price was stuck under the resistance level at $325, but as Bitcoin started its new price surge, TAO finally managed to breach the resistance. By the end of Friday, it reached $400, and while this level kept it from progressing over the weekend, it was finally broken several hours ago.
The start of the new week led to a rise in trading activity, with TAO soaring to $425. For the moment, this level is acting as the new major resistance, and the token’s price is just underneath it, trying to break it.
Bittensor has been sending plenty of bullish signals and technical indicators. Its Bollinger bands have seen a massive widening as the rising price pushed the upper band further up. Meanwhile, the token’s RSI, which fluctuated between 50 and 70 over the weekend, dropped to touch the oversold zone, only to then skyrocket deeply into the overbought area.
The RSI climbed up to 90, enabling the price to come to its current major resistance. Since then, it dropped to 66 again, which is where it sits at the time of writing. But, as the day progresses, more new traders are likely to join the bullish market and potentially allow the token to breach the resistance and venture further up.
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