As the AI narrative sweeps back into the market, machine learning protocol Bittensor has seen TAO price explode in a dramatic +100% move – but could this emerging crypto casino offer better returns?
In a return to Spring market sentiment, the AI narrative has once again swept into the charts, in a move reminiscent of major pumps for FET and AGIX.
After a parabolic Bullrun from $Tao, we just See a healthy correction.
In my opinion, we will never See prices again below $100,00$.
If we will See the region between 150-170 $, I‘ll accumulate again.#Bittensor @opentensor #AI #ChatGPT #OpenAI #BTC #ETH pic.twitter.com/v5qDwaCiPn
— V A τ A O (@VatanMin) November 21, 2023
With TAO token now breaking into three figure pricing, traders remain bullish although markets are expectant of a healthy retracement move.
As TAO price action retreats from an all-time high of $307, Bittensor is currently trading at a market price of $248 (representing a 24-hour change of -13.60%).
This comes following a tremendous break above moving average support on October 24, triggering a major 28-day rally which saw TAO price breakout +510%.
With dramatic momentum, the 20DMA (sat at $159) has formed a golden cross with the 200DMA (which remains down at $67.13) on October 29.
A serious supply zone has emerged offering lower support between $137 and $160 – leading to calls on Crypto Twitter for lower retracement support at $150.
Meanwhile, the retracement move appears healthy on the RSI with the top indicator cooling down rapidly to 73.16 (which while technically overbought suggests price could repeat a second leg as seen on November 14).
The MACD on the other hand showcases bulls on parade with an insanely bullish 11.59 reading suggesting price isRead more on cryptonews.com