Bittensor (TAO) To Lead The ‘AI Wave’: Analysts Bullish Despite 10% Price Drop
2024年8月14日 - 12:30PM
NEWSBTC
Bittensor (TAO) has been one of the best-performing AI (Artificial
Intelligence) tokens this cycle after surging 180% during Q1 2024.
The token has significantly retraced from its march all-time high
(ATH) and is currently testing key resistance levels. Some crypto
analysts seem unsure about TAO’s short-term performance but remain
bullish long-term. Related Reading: Buying The Dip: PEPE Price
Recovers 10% As Whales Load Their Bags Bittensor To Lead The ‘AI
Wave’? Bittensor Protocol’s token TAO recently saw a major downturn
following the broader market retrace. The token, which had
recovered the $300 mark in July, faced a significant correction as
August started. The price decline deepened on August 5, falling
below the $180 level. As the crypto market recovered, TAO’s price
surged over 75% from its lowest point last Monday. The token
retested the $300 resistance level over the weekend but failed to
hold it as the market saw another crash this Monday. Bittensor’s
native token registers a 10% drop from its Friday price of $315,
which seems to have left some investors and market watchers
pondering TAO’s short-term performance. According to renowned
analyst Altcoin Sherpa, the AI token might experience another
25%-30% drop soon. To Sherpa, TAO’s “bearish market structure is
still there,” which could drive the price below the $200 support
level again “pretty soon.” Additionally, the analyst wonders
whether AI tokens like TAO will outperform most of the market “like
they did in early 2024.” Nonetheless, Gonzo, another market
watcher, believes that the token will “lead the AI wave” in the
coming months. Replying to Sherpa, the investor suggested that TAO
might need to move sideways for a while and “hope that BTC doesn’t
dump” to start a new uptrend. Gonzo also considers that Grayscale
“might dump it hard to get in cheap” but “will pump it to make
money” after launching its Bittensor fund. As reported by NewsBTC,
Grayscale Investments announced the offering of its new crypto
fund, the Grayscale Bittensor Trust, last week. No Clear Direction
For TAO Short-Term Crypto trader Pidgeon analyzed TAO’s long-term
performance, finding an unclear path in the shorter timeframes. Per
the post, the chart displays a “big head and shoulders” pattern in
the weekly timeframes. To the analyst, this pattern, which suggests
a trend reversal, “remains completely irrelevant as long as
Bittensor holds the $200 support area.” He considers that the
chances of TAO holding this level significantly increased after
“Monday’s major fakeout and liquidity sweep.” Additionally, Pidgeon
highlighted that the token is moving within a clear range between
the $210 and $360 levels in the daily timeframe, where the token
has previously consolidated. The trader considers there won’t be
“major direction until either side breaks.” To break from the
downtrend, TAO must reclaim the $310 level before retesting the
$360 mark. If it breaks above the $360 trendline, the token’s price
could retest the $480 and $570 resistance levels before trying for
a new ATH. Related Reading: Ethereum Nears Key Bearish Triangle
Apex: Breakdown To $2,160 Target Looms If it fails to hold above
the $200 support zone, it might “revisit the wick lows down around
$160” and even go as low as $90. Nonetheless, he identified a lower
high structure “that it has been stuck in for months” and that
“tends to break to the upside.” Ultimately, the trader stated he’s
leaning bullish med-long term, but it will depend on “which side of
the range it breaks.” As of this writing, TAO is trading at $277, a
4% drop in the last 24 hours. Featured Image from Unsplash.com,
Chart from TradingView.com
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