The mainstream adoption of artificial intelligence (AI) has helped Bittensor TAO to grow exponentially in the recent past.
Key Notes
- Bittensor price has already broken out of a macro consolidation and is now aiming for a new all-time high soon.
- The rising adoption of AI technology globally has significantly helped TAO price in the ongoing bullish outlook.
Ahead of the much anticipated crypto bullish rally in the fourth quarter, some altcoins, led by Bittensor (TAO), have already shown early signs of imminent breakout to the parabolic phase. In the past two weeks, TAO price has rallied over 111 percent to trade at about $546 on Monday during the mid-London session.
The fast-growing artificial intelligence-focused project has attracted significant attention from institutional investors in the recent past. The palpable growth of the AI industry, as shown by Nvidia’s market share in the recent past, has heavily influenced the development of decentralized AI products.
Furthermore, the Bittensor network has grown to more than 102K registered on-chain accounts, with more than 2.5 million facilitated transfers.
Midterm Targets for Bittensor Price
The mid-cap altcoin, with a fully diluted valuation of about $11.4 billion and a daily average traded volume of around $374 million, broke out of a crucial resistance/support level, around $350, in the recent past.
Having consistently closed above the 50 and 200 daily Moving Averages (MA), the TAO price is well positioned to rally toward its all-time high in the short term. Furthermore, the daily Relative Strength Index (RSI) has spiked above the 70 percent level for the first time since February, when the TAO price rallied to a new all-time high.
A new wave of #Altseason is about to kick in as it broke out of the downtrend trendline resistance.
Perfect sign! https://t.co/HF4GcrNJog pic.twitter.com/BdKLEytSXg
— Mikybull 🐂Crypto (@MikybullCrypto) September 23, 2024
With the highly anticipated Altseason on the cusp of materializing, based on historical data, TAO price is well positioned to continue in a bullish outlook in the coming weeks. Furthermore, Bitcoin dominance has been forming a macro reversal pattern, best characterized by a rising wedge coupled with a bearish divergence on the weekly RSI.
However, a possible Bitcoin price retrace below $60K will in turn impact the altcoin industry, thus pushing the TAO price to retest the support level around $350.
Rising Adoption
The Bittensor network has grown to a mature ecosystem backed by top-notch web3 investors and validators. The Bittensor’s tokenomics have been applauded for considering the community and not enriching the developers. Furthermore, TAO has a max supply of 21 million coins and currently has a circulating supply of about 7.38 million units.
For comparison purposes, TAO coins have a similar tokenomics with Bitcoin, but a lower circulating supply.
According to Barry Silbert, founder, and CEO of Digital Currency Group (DCG), the listing of TAO on major cryptocurrency exchanges including Binance and Kraken was crucial for the altcoin’s future growth prospects. However, Silbert highlighted the listing of TAO on Coinbase Global Inc (NASDAQ: COIN) will be a huge game changer.
21 mm cap, fair launch, ambitious use case, transformative tech, passionate community. yes, yes i am
— Barry Silbert🎗️ (@BarrySilbert) September 22, 2024
Worth noting that the Bittensor project has received the support of notable institutional investors in the past. For instance, Grayscale Investments unveiled the Grayscale Bittensor Trust last month, which has since grown to more than $2.5 million in assets under management.
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Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
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