Reasons Why Bittensor (TAO) Coin Prices Are Rising Today
2024-10-07
Bittime - In the last few weeks, altcoin Bittensor (TAO) has become a hot topic of conversation in the crypto world due to its impressive performance. TAO managed to record a very significant surge in value, even surpassing Bitcoin and the crypto market in general.
In the last 24 hours, TAO's value increased by more than 16%, and in the last 30 days, this altcoin has gained more than 171%. This incredible growth has made TAO one of the most successful altcoins today, attracting the attention of both institutional and retail investors. So, what's the cause? Check out the review here!
Causes of Bittensor Elevation (TAO)
This sharp increase has made many observers and market players optimistic about Bittensor's future potential. The latest predictions even show that the price of TAO could soar by up to 220%, with the price estimated to reach $1,800 (Rp. 28.08 million) in November 2024.
Many see this bullish momentum as a golden opportunity to buy TAO before the next big rally occurs.
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Open Interest Reaches Highest Record
Source: Coinglass
One of the main indicators of TAO's strength is increasing Open Interest. Based on data from Coinglass, TAO Open Interest recently reached a record high of $189 million (Rp. 2.95 trillion), a sharp jump from the $50 million (Rp. 780 billion) recorded in early September.
Open Interest reflects the total number of active positions held by traders, and an increase in it is often a positive sign. This shows that more and more funds are being invested into the asset.
The spike in Open Interest that occurred simultaneously with the increase in TAO prices indicates that traders are not just maintaining their long positions. However, they are also actively opening new positions.
The bullish momentum that is occurring indicates that this upward trend may continue for some time to come. This sparked speculation that TAO prices could continue to shoot even higher.
Technical Analysis Supports Positive Signals
Currently, TAO is trading at $554 (Rp. 8.65 million), which is a critical resistance level. On the four-hour chart, TAO formed a V-shaped recovery pattern, which usually indicates continued positive momentum.
Additionally, indicators Chaikin Money Flow (CMF) remained positive at 0.21, indicating that the buying power in the market is still very strong.
In addition, the green volume histogram indicates that TAO has the potential to break through this resistance line and move towards the next price level at $618 (Rp. 9.64 million). Given the strength of the existing buying volume, this short-term price increase appears to have a strong basis.
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What awaits Bittensor in the future?
Analysts are generally optimistic about Bittensor's future. Even though the overall crypto market is still volatile, TAO managed to record 20 green days out of the last 30, which means 67% of the time, TAO price experienced an increase. Despite having fluctuations of around 30%, this consistent growth is a positive sign for TAO.
Predictions until November 2024 show that this altcoin has the potential to continue experiencing significant growth. This makes Bittensor an altcoin worth paying attention to, both by new investors and those who have been involved in the crypto world for a long time.
In crypto market conditions full of uncertainty, TAO's extraordinary performance is a breath of fresh air for many market players. With strong momentum and solid technical support, Bittensor seems poised to continue its positive trend for the foreseeable future. However, as always, it is important to remain cautious and always do your research before investing.
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