Rising decentralized AI token Bittensor has continued to post alluring gains, but can TAO price analysis reveal whether it’s too late to buy Bittensor token?
The impressive growth comes as Bittensor accelerates up to a new all-time high in market cap at $3bn (USD) – a move fuelled in part by bullish sentiment from industry legend and Ethereum co-founder Vitalik Buterin in a recent blog post.
I can only say this so many times
Buying $TAO is the same as buying $ETH in early 2017$ETH price (3/15/17) $31$ETH marketcap $2.8b$TAO price (1/30/24) $453$TAO marketcap $2.8b
The major difference is TAO actually works and will accomplish more than ever did $ETH <2 years. pic.twitter.com/Nean1430Lj
— badenglishtea (@badenglishtea) January 30, 2024
Amid the strong performance by TAO token, sentiment in the crypto community remains decisively bullish, with many traders in the space comparing Bittensor’s market placement and potential with early Ethereum.
TAO Price Analysis: As Bittensor Token Continues to Push Up in The Chart – Is It Too Late to Buy Bittensor?
As price pushes up, Bittensor is currently trading at a market price of $480 (representing a 24-hour change of -1.88%).
This comes as TAO price action forms a bullish cup and handle pattern, which signals further upside moves on the short-time frame as part of sustained technical structure.
Upside movements have been fuelled by bullish momentum, which entered the chart in the midst of a vital reclamation of the 20DMA on January 17.
The 20-day moving average (20DMA) has been a crucial support for recent price movements, structuring three months of upward trends for TAO at the end of 2023. Currently at $372, the 20DMA offers a rising support level against potential declines in TAO’s price.
However, the RSI indicator for the Bittensor token indicates a severe bearish divergence at 74.08, signaling an overbought condition and suggesting a near-term correction.
In stark contrast, the MACD indicator highlights TAO’s strong momentum at 9.52, providing a robust bullish signal.
Overall, TAO’s price analysis portrays a solid bullish stance, with its technical structure and MACD indicating that further upward movement is probable in the short term.
This leaves TAO price targeting an upside move to $520 (a potential +8.11%).
While downside risk from here could see TAO tumble back to $413 (a possible -14.14%).
TAO price analysis therefore leaves Bittensor token with a risk: reward ratio of 0.57 – a bad entry dominated by oversized downside risk at current levels – suggesting TAO is too late to buy.
But while TAO price analysis paints a bleak picture on the short-time frame, an exciting play is emerging in the Meme Kombat presale – which has unlocked viral tractions by pitting communities in tribalistic wars against one another.
Meme Kombat Explodes Over $8.3M Raised In Skyrocketing Presale – Don’t Miss Out on TAO Price Analysis Alternative
Meet Meme Kombat, a trailblazing initiative that has seamlessly blended the memetic love of nostalgic gaming, and GambleFi, into a decentralized Web3 platform.
So, what makes Meme Kombat tick, and why should potential investors keep a keen eye on this presale?
The essence of Meme Kombat lies in its captivating arena where characters aiming to tap into deeply tribal crypto communities lock horns.
Players have the liberty to place their bets on these animated battles, predicting the outcomes and possibly reaping attractive rewards.
$8.3 million
ONLY 1.7m to go! pic.twitter.com/OxpaUSVqxg
— Meme Kombat (@Meme_Kombat) February 6, 2024
Season 1 of the project promises 11 unique meme characters, ensuring plenty of action. Season 2 is already planned for December 2023. The project’s decentralized nature, along with the excitement of AI-driven battles, guarantees outcomes that are transparent yet unpredictable.
TAO Price Analysis Blues? Meme Kombat Pits Meme Communities in High Octane Staking Battles
The project goes beyond excitement; it’s founded on trust. Meme Kombat’s dedication to transparency shows in their upcoming smart contract security audit.
The findings of this audit will soon be public, a move that many projects shy away from.
The founder and project lead, Matt Whiteman, isn’t an unknown entity in the crypto space.
His role as COO of North Technologies, and two decades in process design add credibility to Meme Kombat. Whiteman’s public profile and the Amsterdam address give extra trust in an era of project anonymity.
Embrace the future of meme-based gaming and betting with Meme Kombat.
The post Is It Too Late to Buy Bittensor? TAO Price Keeps Rising as Viral New Meme Coin Shakes the Market appeared first on Cryptonews.
