Making waves in the crypto industry today, Bittensor (TAO) is seeing an impressive year-on-year increase. The current explosion in artificial intelligence adoption has spurred more interest in cryptocurrencies, and Bittensor is clearly leading the way in this regard.
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TAO has seen an incredible 1,000% price increase over the past year. The digital asset is up a solid 65% this month. Looking ahead, CoinCodex projects a whopping 243% price increase, perhaps reaching $1,827 by October 23, 2024, thus inspiring investor hope.
Right now, Bittensor is trading at $525, just below the vital threshold of $530. This shows a strong market sentiment as it indicates a sustained upward momentum of 81% in the past week. Given the good technical indicators and a positive outlook for the coming months, traders are excited to see how high TAO can go.
Strong market momentum
Bittensor is currently riding a wave of strong upward progress. The price is up 40% after a recent breakout from the wedge, setting the asset up for further gains.
Bittensor futures open interest has gone from $61 million to $114 million, showing that investors are paying attention. This increase means that more investors are initiating new positions, which means money is flowing into TAO.
Furthermore, the recent price surge has been accompanied by intensified bullish signals. With short positions liquidated at a yearly high of $1.45 million, people betting against the market are being driven out of their positions.
Liquidations of long positions, however, were minimal at just $139,000 last week. This pattern shows growing confidence among investors thinking about the future price movement of Bittensor.
Positive mood and price projections
Expectations are that this optimism regarding Bittensor will continue. Furthermore, according to CoinCodex, this will result in an increase of up to 240%, as the numbers could rise to $1,827 by October 23, 2024.
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The fear and greed index is little changed at 50, and technical indicators are close to neutral. Such a signal is an indicator that investors in the market remain positive about the prospects of the currency posting further gains in the future.
With 16 of its 30 trading days posted in the green over the past 30 days, Bittensor has a 53% success rate. Coupled with a price volatility of 17.69%, this result suggests a healthy state of the market.
Bittensor: Strong market signals
Bittensor is well-positioned in the AI coin space. Its phenomenal price pump and solid market signals give traders hope about its prospects.
Hence, rising open interest, a high liquidation rate on short positions, and positive price projections indicate that Bittensor could post decent profits in the coming months.
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