- The TAO crypto price declined 6.68% during the weekly trading session.
- The trading volume of Bittensor has reached $37.21 million, with a decline of 18.47%.
- Moving averages suggest a strong bearish signal in the current phase.
Bittensor (TAO) aims to create a marketplace for artificial intelligence where consumers and producers can interact trustlessly. It is an open-source, decentralized machine-learning network that grants external access, allows users to extract information, and tunes activities to their needs. Bittensor’s primary objective is to leverage the possibilities of a distributed ledger for the development and distribution of artificial intelligence.
TAO 2024 Price Performance and Supply Data Valuation
Early this year, the TAO crypto price experienced a positive approach from investors. The cryptocurrency has recorded over 70% positive profitability in January 2024. The positive approach of investors shifted the market sentiments to bullishness.
The intriguing situation made others take long actions in February 2024, which resulted in an upsurge of 32.33%. This crypto’s price reached the $764.09 resistance level and started experiencing initial profit bookings. It resulted in over 15% decline in March 2024 and 9.97% in the current month.
The maximum supply of the TAO tokens is capped at 21 million. 6.62 million tokens are circulating in the market, which holds the current market capitalization of $3.13 billion. Additionally, the total diluted valuation of the protocol is estimated at around $9.92 billion. The native token reflects decent liquidity in exchanges with a VMR ratio of 1.17%.
Price to Volume and Social Dominance Analysis
After January 10, 2024, the social tweets of cryptocurrency had a noticeable rise. On the other side, the price seemed highly influenced by that rise along with the trading volume. All three were rising together until February 9, 2024. Afterward, social dominance slowly fades, but the price and volume remain unaffected by the social dominance in the current phase.
Technical Analysis of the Bittensor (TAO) Price
The current price slipped below the key exponential moving average, indicating a negative sentiment in the short-term trend. A shift to an uptrend can be expected above the 50-day EMA.
The TAO price faced a strong bearish rejection from the $788.57 level. Afterward, the price made an opposing move to the $413.87 demand zone. In recent sessions, the price gained some bullish reactions from that demand zone. If the price closes above the $650.14 level, the price may reach the $788.57 mark. On the flip side, the price must close below $413.87.
The relative strength index (RSI) is showing weak bearish strength in momentum, indicating a shift in strength. The RSI is moving at 42.73 below the signal line.
Summary
The long-term outlook lies on the bullish side of the TAO crypto price. However, the cryptocurrency experienced some short selling from the $788.57 level. The current price is trading above the $413.87 key demand level. Regarding the technicals, If the price closes above the $650.14 level, it may reach the $788.57 mark. On the flip side, the price must close below $413.87.
Technical Levels
- Resistance Levels: $650.14 and $788.57
- Support levels: $423.87 and $351.74
Disclaimer
The views and opinions stated by the author or any people named in this article are for informational purposes only. They do not establish financial, investment, or any other advice. Investing in or trading crypto or stock comes with a risk of financial loss.