Bittensor (TAO) leads the AI token recovery with impressive gains, leading to a breakout rally. Will the rally surpass $400 as part of a broader market recovery?
As the broader market recovers, despite Bitcoin price stuck at $60,000, the bulls are on the move again. A bullish rally in the AI and big data sectors has pushed the segment’s market cap from $18.21 billion to $25.09 billion.
Additionally, volumes increased to $1.32 billion. The best performers in the segment are TAO, RNDR and AIOZ with 12.35%, 7.91% and 7.54% respectively in the last 24 hours.
Among the top performers, Bittensor (TAO) is showing a massive recovery underway with a decent return of 6.91% over the last 30 days. In the last 24 hours, Bittensor is up 13.64% and 22.06% over the last seven days.
Bittensor: Massive Gains and Breakthroughs
With a market cap of $2.438 billion, Bittensor ranks 33rd in the cryptocurrency market and third in the AI and big data segment. Currently, the AI token is trading at $332 with an intraday growth of 4.20% after last night’s growth of 7.72%.
On the daily chart, Bittensor price is exhibiting a descending channel pattern. The bearish channel represents a 70% decline. However, a double bottom reversal from the $216 support level results in a trend reversal.
Moreover, the AI token is showing a streak of 8 consecutive bullish candles amid the recovery. As the breakout rally challenges the previous high of $343, another breakout event could push Bittensor prices to $400.
As for technical indicators, Bittensor has broken above the 20-day, 50-day, and 100-day exponential moving averages and is challenging the 200-day EMA. The recent surge in bullish influence suggests a potential positive crossover at the 20-day and 50-day EMA.
The DMI indicator shows a positive crossover with a rising DMI indicator. Therefore, the momentum indicator shows a resurgence of buyers and a surge in trend momentum.
Will TAO Token Price Surpass $400?
A Fibonacci retracement is drawn on the decline within the downtrend channel from $728 to $216. The ongoing recovery challenges the 23.60% Fibonacci level at $336.
The bullish rally from $343 may find the next resistance at the 50% level at $272. Optimistically, potential bullish crossovers in the exponential moving averages will provide additional catalysts like the various stages of the explosion to propel TAO prices higher.
With a golden crossover in the near future, Bittensor price could reach the previous high of $728. However, in the short term, a cautious growth to $472 seems more likely.
Disclaimer: This content is informational and should not be considered financial advice. The opinions expressed in this article may include the personal opinions of the author and do not reflect the opinion of The Crypto Basic. Readers are encouraged to conduct thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
