Bittensor’s open interest nears ATH — Is a TAO bullish rally ahead?
The post Bittensor’s open interest nears ATH — Is a TAO bullish rally ahead? appeared on BitcoinEthereumNews.com.
BitTensor leading by gains for top 50 coins by market cap. Open interests approaching the all-time high. BitTensor [TAO], a leading AI coin, is gaining significant traction in the cryptocurrency market as web3 continues to evolve on blockchain technology. In the last 24 hours, TAO has recorded over 12% gains, making it the top-performing coin among the top 50 by market cap at press time, according to CoinMarketCap. TAO is well-positioned to surpass Fetch.AI (FET) as the top AI coin, depending on broader market conditions. Source: CoinMarketCap Major companies like Nvidia (NVDA) recently posted better-than-expected earnings, influencing the market with their collective views. This has sparked a bullish sentiment toward AI coins, as Nvidia plays a significant role in the AI industry. TAO price actions wicks to around $440 In the past 24 hours as at press time, TAO’s price spiked to $440 on Kucoin Exchange but faced immediate rejection, suggesting strong selling pressure at that level. This creates a significant resistance zone moving forward. Typically, wicks are viewed as gaps that markets tend to fill, meaning BitTensor needs to climb higher to fill this gap. Whether TAO/USDT will rally to fill this gap remains uncertain, as the price rejection could indicate that sellers still hold control. However, TAO briefly wicked above $356, where there’s liquidity due to equal highs at this level. Source: TradingView Additionally, the bullish close of the August 5th candle, a hammer with a long tail, suggests increasing buying pressure. TAO/USDT’s consolidation, while in a range, is marked by higher lows, which is typically a bullish signal. The Chaikin Money Flow, currently negative, hints at a possible reversal that could drive TAO’s price higher. The Relative Strength Index (RSI) on the 14-day moving average has also flipped bullish, further supporting the case for potential gains in the near…
Filed under: News - @ September 19, 2024 4:11 am