This article is also available in Spanish.
Making waves in the crypto industry today, Bittensor (TAO) is showing an amazing rise for the year. The current explosion in the adoption of artificial intelligence has sparked a lot of interest in cryptocurrencies, and Bittensor is notably at the forefront of this.
Related Reading
TAO has shown a staggering 1,000% price increase over the past year. The digital asset is up a solid 65% this month. Looking ahead, CoinCodex projects a 243% price increase, possibly reaching $1,827 on October 23, 2024, thus encouraging investors’ optimism.
Currently, Bittensor is trading at $525, slightly below the key threshold of $530. This shows a strong market condition as it shows a continuous increase of 81% last week. Given the positive technical indicators and the positive outlook for the coming months, traders are excited to see how TAO can get.
Strong Market Momentum
Currently, Bittensor is riding a wave of strong upward development. The price has increased by 40% after the latest release, organizing the property for more benefits.
Bittensor’s futures open profit rose from $61 million to $114 million, indicating that investors are taking notice. This increase means that more investors are starting new positions, which means that money is flowing into TAO.
In addition, recent price increases have been accompanied by bullish signals. With the elimination of short positions at an annual maximum of $1.45 million, people who bet against the market are driven out of their positions.
Liquidation of long positions, meanwhile, was minimal, at just $139,000 last week. This pattern shows the increasing confidence among investors considering the future movement of Bittensor prices.
Good Sentiment and Price Predictions
The expectation is that this hope for Bittensor will be there. Furthermore, according to CoinCodex, this will lead to an increase of up to 240% as the figures may rise to $1,827 on October 23, 2024.
Related Reading
The fear and greed index is little changed at 50, and technical indicators are close to neutral. Such a sign is an indication that investors in the market remain optimistic about the prospects of a coin that has registered many gains in the past.
With 16 of his 30 trading days in the green in the last 30 days, Bittensor has a 53% success record. Coupled with a price volatility of 17.69%, this result suggests a healthy market situation.
Bittensor: Robust Market Indicators
Bittensor is well positioned within the realm of AI characters. Its impressive price pump and strong market signals give confidence to traders about its prospects.
Therefore, the rising open interest, the high rate of liquidation of short positions, and the positive price projections indicate that Bittensor may record a decent profit in the coming months.
Featured image from X/@CryptoGirlNovachart from TradingView