- Bittensor crypto has shown only 14 green days in the last 30 days.
- Over the last 1 year, the price of the TAO crypto has advanced by 838%.
Bittensor (TAO) is an ERC-20 token powering a decentralized machine learning network, rewarding models contributing valuable information. Founded by Jacob Steeves and Ala SHaabana, it enables open access to AI technology and decentralized governance.
Key team members include Jacqueline Dawn and Saeideh Motlagh. TAO grants rewards and external access to collaborative machine learning models.
The sentiment of Bittensor is bullish, as per Coincodex; the fear and greed index indicates greed among investors. The crypto was released on 20th March 2023, and its volatility is very high, resulting in 10.87%.
The current circulating supply of the crypto is 6.67M TAO, followed by a max supply of 21.0 million TAO. Also, the fully diluted market cap of the crypto is $8.21 Billion and the crypto has a total supply of 6.671 million TAO.
The market cap of Bittensor has declined by 9.7%, while the trading volume has witnessed a huger surge of 107% in the last 24 hours. The current market cap value of the crypto is $2.619 Billion, and the value for the traded volume of the crypto is $47.541 Million.
The crypto’s volume/market cap ratio is 1.80% which represents low liquidity, and the all-time high price hit by the crypto is $767.68, from where the price has declined by 48.8%.
Bittensor Crypto Derivatives Analysis
The volume for the Bittensor crypto is witnessing significant advance following which the derivatives traded volume has also advanced by 55.8% in the last 24 hours. Moreover, the value of the traded volume of the crypto is $53.7 Million.
The open interest also advanced by 4.9% over the last 24 hours which further resulted in a higher long liquidation of $186.69K. This is further followed by a short liquidation of $6.29K.
TAO Crypto Technical Analysis
On the daily chart, TAO has broken below the crucial support zone. This shows that the sellers have strong dominance over the price at present. The price of the crypto further is forming lower lows on the chart.
The current shows also does not show any sign of reversal in the trading price of the crypto as the candlesticks formed on the chart also signal for strong downtrend in crypto.
TAO/USDT Chart by TradingView
The TAO cryptocurrency has recently dipped below its 20 and 50 exponential moving averages (EMAs) on daily chart, indicating a bearish trend. Additionally, it’s currently trading in a bearish cross pattern.
The MACD and its signal line for TAO have both fallen below zero, signaling a bearish trend. This bearish cross suggests increasing selling pressure, indicating potential downward movement in TAO’s price.
Currently, the Relative Strength Index for TAO stands at 37, indicating a moderate level of oversold conditions. Moreover, it has dropped below the 14-day Simple Moving Average (SMA) line, suggesting a potential further decline in price momentum.
Summary
Bittensor’s TAO crypto faces a bearish sentiment amid declining technical indicators. With a recent drop below key support levels and bearish patterns forming on the charts, coupled with MACD and RSI signaling downward momentum.
Technical Levels:
- Support Levels: $300 and $350.00
- Resistance Levels: $591.0 and $788.
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.