- The Bittensor crypto has witnessed a huge decline in its trading volume followed by the last 24 hours.
- Bittnesor works on POWS and POS consensus mechanisms.
The TAO coin is a token that powers the Bittensor decentralized machine-learning network. Machine learning models train together and get rewarded in TAO for their value. Users can access and use the network’s intelligence. Bittensor was created by Jacob Steeves and Ala Shaabana.
The market cap of the TAO token has witnessed an advance of 3.25% in the last 24 hours. The trading volume of the crypto has further declined by 82%, resulting in $13.026M.
The current market cap of the Bittensor crypto is $1.77B ranking #208 in the crypto market as per CoinMarketCap. The current circulating supply of the crypto is 5.225M TAO.
Moreover, the total supply of the Bittensor is 5.225M TAO while the max supply is 21.0M TAO. A fully diluted market cap of the crypto is $7.097B. Bittensor has a market cap dominance of 0.12% and the volume/market cap of the TAO crypto is 0.0061.
As per Coingecko, the TAO coin’s price has advanced by more than 37% in the last seven days while the global cryptocurrency market is up by only 12.80%. It means that the TAO is outperforming the global crypto market and has outperformed the AI cryptocurrencies.
TAO Crypto Technical Analysis
After consolidating in a small zone for more than 200 days the TAO crypto price gave a breakout above the zone. This breakout led to a huge move on the upside resulting in an advance of more than 600% in the price. It further led to the all-time high price in the crypto.
Currently, the TAO coin price is only 2.5% below its all-time high price. This behavior of the price shows how strong the uptrend and price of the crypto is which might lead to new highs.
TAO/USD Live Chart by TradingView
The EMAs and the majority of the technical indicators are giving buy signals on the daily and weekly charts of the TAO crypto. That is due to huge advances in the coin in a very short period.
The RSI is currently trading at a level of 74.77 advancing above the 14-day SMA line. It is currently following a bullish cycle sustaining above the 50 level and the price has broken above the last formed swing high.
Conclusion
The TAO coin is trading in a bullish trend, breaking above a consolidation zone and gaining more than 600% since the recent low. It is also supported by the buy signals of the EMAs and the RSI indicator. The crypto still has a lot of potential to advance to new highs as it is following a strong bullish momentum.
Technical Levels:
- Support levels: $130.80 and $230.0
- Resistance levels: $380.00 and $400.00
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Dr. Naveen Singh is an entrepreneur with achievements in sports, academics, healthcare, innovation, blockchain technology, telecommunications, and philanthropy. He is the Co-Founder and Chief Executive Officer (CEO) of Inery, the first layer-1 blockchain programmed for database management. With Inery, he aligns with his vision of a new paradigm for data to empower web3 and complete decentralization.