Bittensor (TAO) Price Prediction: There Is Hope Despite NVIDIA-Related Market Dip
- WBOYOriginal
- 2024-09-04 18:32:11492browse
The value of Artificial Intelligence (AI) crypto tokens has been on a rollercoaster ride, largely influenced by external factors, with the recent dip tied
Artificial Intelligence (AI) crypto tokens experienced a downturn on Tuesday as a result of the US Department of Justice (DOJ) issuing subpoenas to Nvidia and other tech companies. This development impacted AI tokens, with the market capitalization decreasing by 7.6% over the past 24 hours.
As Nvidia faces an antitrust probe, its stock price continued to fluctuate following a historic loss earlier in the week. Being a major player in the AI industry, Nvidia's challenges influenced related assets, including AI tokens.
Among the top AI cryptocurrencies, NEAR Protocol (NEAR), Internet Computer (ICP), and Injective (INJ) witnessed notable declines. However, leading the losses on Tuesday was Bittensor (TAO), which saw an 11% drop following Nvidia’s news.
TAO Price Today: TAO/USD Saw a Slight Recovery After Monday’s Drop
TAO price fell by 11% on Tuesday but recovered 2.3% today, bringing the overall drop in the last 24 hours to 9.6%. Currently trading at $251, TAO has experienced a significant pullback.
While the recent price action might concern some traders, there is a glimmer of hope for TAO holders. The token still appears to be trading within an ascending triangle pattern on the daily chart.
This technical formation suggests that, despite recent losses, TAO could be primed for a potential breakout. Should the token experience a breakout above the $357 level, it could experience a 43% surge, targeting a price of $513.
Such a scenario would indicate a strong recovery and might reignite investor interest in the AI crypto space. However, for this bullish outcome to occur, TAO must successfully flip the $304 resistance level into support.
If TAO fails to breach $304, it could face a drawdown to $263, which coincides with the pattern's lower trend line. This would invalidate the bullish outlook and signal continued volatility for the altcoin.
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