40% Surge In TAO Price: Can It Reach $1000 Soon? Analyst Weigh In

• Bittensor’s social presence and development activity have been on the rise.
• TAO’s derivatives market metrics indicate a strong bullish sentiment.
• Analysts are optimistic about TAO’s future, with some predicting a price target of $1000.

Bittensor (TAO) is on the fire this week, surging nearly 40% from its demand zone. The strong momentum brought the price close to the 200-day EMA band and moved through the 20 and 50-day EMA bands.

Benefitting from this momentum, the TAO price surpassed the $300 mark with a 12% intraday surge. This spike was fueled by Bitcoin‘s (BTC) recent rise to $60,000 intraday in the past day, which made TAO one of the top gainers.

However, BTC is now facing resistance near the $60,000 level. As a result, the global crypto market cap saw a slight decrease of 0.28% to $2.03 Trillion. With this turbulence, will the TAO price continue to rise? Let’s find out.

Github & X Data Speaks Optimism For TAO Price

TAO crypto‘s presence on X (formerly Twitter) is quite strong. The account is 1 year and 4 months old and has boasted 24.735K followers. It gained 12 more followers in just one day, steadily increasing over the past month. This highlighted Bittensor‘s established presence in the crypto community.

Its GitHub account, active for over 4 years, has earned 1100 stars from the developer community. This machine learning network project has a security score of 72.68 and a BBB tier security class rating.

Both development activity and social dominance have been on the rise. The growing social presence could impact the TAO price, as increased user participation may drive demand and help boost the value.

Meanwhile, the Bittensor’s team is working diligently on impressive projects. They have developed products like Corcel, Trade with Dale, and Bettensor, which are already available for many to try.

TAO Crypto’s Derivatives Market Walkthrough

According to Coinglass, TAO’s OI-weighted funding rates have climbed to a positive 0.0078%. This signaled a shift toward market optimism. Traders have placed bets on the increased potential for TAO’s price to rise.

Similarly, the TAO crypto open interest has reached $67.47 Million, marking a 17.09% increase from the previous session. The 24-hour long/short ratio stood at 1.0028, indicating more short positions than long ones.

In the past 24 hours, derivatives volume surged by 19.91%, bringing the total traded value to $119.74 million. This increase reflected the growing demand for the TAO crypto in the derivatives market.

Additionally, $214.63K worth of short positions were opened, while $11.84K in long positions were liquidated intraday. This scenario suggested a positive outlook for Bittensor crypto in the market.

These metrics highlight a strong bullish sentiment for TAO, confirming the recent intraday price surge. The increase in open contracts and higher short-side liquidations suggested that the TAO price could continue to rise.

Is TAO Aiming for the Moon?

Bittensor (TAO) has seen a significant inflow in spot volume, reaching $86.01 Million, a 38% increase. Its market cap has risen by 12% to $2.313 billion, making it the 36th largest cryptocurrency globally.

As per the TAO price prediction, it has delivered exceptional returns to investors, soaring over 1600%. It peaked at $755.02 between the last quarter of 2023 and the first quarter of 2024.

However, beyond this peak, it entered a supply zone, leading to a retracement of over 70% by the second quarter of 2024. This resulted in a significant profit-taking phase, with the price returning to its initial demand level by July 5th.

The TAO price saw several brief increases in the third quarter but faced resistance at $358.58, causing another decline. The price mostly ranged between $200 and $358 during this period.

On August 5th, a liquidity-driven spike led to a breakout from the upper boundary of a falling wedge. However, the $358.58 level deflected the price again by August 27th.

The demand area on September 6th pushed the TAO price again to retest the $358 level. A change of character could be observed if it clears and sustains above this level. This indicated long-term bullish confidence.

Two long-term bullish patterns were identified on the daily chart: a falling wedge and an inverted head and shoulders pattern. However, $358.58 remained a critical resistance level for confirming these bullish patterns.

$TAO Still Consolidating within Descending Broadening
Wedge Pattern.

Hold tight and Stay Patient— the Breakout is only a matter of time.

$1000 is Programmed by the end of this year.. ✍️#Crypto #TAO #TAOUSDT pic.twitter.com/Q1Q2DQAttO

— Captain Faibik (@CryptoFaibik) September 13, 2024

Many analysts and enthusiasts are optimistic about TAO’s future. One analyst, @CaptainFaibik, has set a target of $1000 by the end of 2024.

Potential resistance levels to watch are around $460 and $560. However, if the $358.58 in TAO price level deflects the price downward, these bullish patterns could be invalidated.

Disclaimer

This article is for informational purposes only and provides no 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.