Bittensor (TAO) Continues to Show Strong Momentum Within the AI Cryptocurrency Ecosystem

Bittensor [TAO] continues to show strong momentum within the AI cryptocurrency ecosystem. As of press time, TAO had gained over 16%, making it one of the

Bittensor (TAO) has seen a remarkable surge in the past 24 hours, emerging as one of the top gainers among the leading 100 crypto coins by market capitalization, according to data from CoinMarketCap.

During this period, TAO has seen a surge of over 16%, ranking among the top 30 most traded assets in terms of trading volume, which also saw an increase of 77%. This strong performance has been evident in the TAO/USDT pair, which saw a significant rise.

After breaking out of a broadening falling wedge pattern, TAO has seen a surge of over 108%, adding to its bullish outlook.

With the broader crypto market showing signs of positive performance in the final quarter of the year, there is speculation that TAO could reach the $800 price level.

However, before this surge, a brief correction is to be expected, making it crucial to identify a safe entry zone just below the current range.

Moreover, a key factor that supports TAO’s potential rise to $800 is its strong accumulation by Smart Money. In the past seven days, TAO has been ranked as the number one token accumulated by Smart Money investors.

It has overtaken other assets like Solana (SOL) and now leads the Smart Money accumulation table, positioning it ahead of popular projects like Maker (MKR) and Render (RNDR).

This indicates that key investors are showing strong interest in AI-related coins, which have been outperforming other sectors in the crypto market.

TAO's position as a leader in the AI coin market, combined with this increased Smart Money accumulation, strengthens the argument that a price target of $800 could be achievable if the broader market conditions remain favorable.

Furthermore, the global long accounts percentage for TAO, which had previously declined, is now showing signs of recovery. More traders are taking long positions on TAO, reflecting growing confidence in the asset’s upward trajectory.

This increase in long positions aligns with the bullish sentiment surrounding TAO, particularly as AI coins continue to outperforming the wider cryptocurrency market.

Historically, the final quarter of the year (Q4) has been bullish for the cryptocurrency space, and if this pattern holds, TAO could be well-positioned to capitalize on it.

However, it is important to remember that the crypto market remains volatile and unpredictable.

Bittensor (TAO) is exhibiting strong momentum, supported by Smart Money accumulation and a recovery in long positions. If these trends continue, TAO could potentially hit the $800 mark, making it a coin worth watching as the year draws to a close.

The above is the detailed content of Bittensor (TAO) Continues to Show Strong Momentum Within the AI Cryptocurrency Ecosystem. For more information, please follow other related articles on the PHP Chinese website!