surpassing the current hurdle, the short-term outlook
The Bittensor teams are working really hard, and the projects they are developing are astonishing. They have built products that are already available for many people to try. The products such as, Corcel, tradewithdale, and Bettensor.
The Bittensor (TAO) spot volume inflow amounted to $75.416 Million, and the market cap was valued at $2.475 Billion. The advancement from the August 5th liquidity grab re-positioned TAO status as the 33rd largest crypto globally by market cap.
Bittensor (TAO) has delivered extraordinary returns to investors, soaring over 1600% and reaching a peak of $755.02 between the last quarter of 2023 and the first quarter of 2024.
However, beyond $755.02 became a supply zone, which prevented TAO's further gains, resulting in a retracement of more than 70% by the second quarter of 2024.
This led to a significant profit-taking phase, eventually returning to its initial demand level by July 5th.
Subsequently, the price saw a brief increase after July 5th, reaching the upper edge of a falling wedge pattern. Despite this, it encountered a hurdle at $358.58, causing another fall.
On August 5th, TAO's liquidity-driven spike led to a breakout from the upper boundary of the falling wedge, and now TAO struggles near $358.58.
Therefore, surpassing the current hurdle, the short-term outlook exhibits the potential for price to go northward if the declining wedge pattern proves legitimate.
However, the peak invited sell-offs, which signified the strong bearishness after March 2024.
Since that peak, the crypto has slipped. Also, the intense sell-off spanning over 150 days led to a narrowed plummeting wedge.
The Bittensor (TAO) spot volume inflow amounted to $75.416 Million, and the market cap was valued at $2.475 Billion. The advancement from the August 5th liquidity grab re-positioned TAO status as the 33rd largest crypto globally by market cap.
Bittensor (TAO) has delivered extraordinary returns to investors, soaring over 1600% and reaching a peak of $755.02 between the last quarter of 2023 and the first quarter of 2024.
However, beyond $755.02 became a supply zone, which prevented TAO's further gains, resulting in a retracement of more than 70% by the second quarter of 2024.
This led to a significant profit-taking phase, eventually returning to its initial demand level by July 5th.
Subsequently, the price saw a brief increase after July 5th, reaching the upper edge of a falling wedge pattern. Despite this, it encountered a hurdle at $358.58, causing another fall.
On August 5th, TAO's liquidity-driven spike led to a breakout from the upper boundary of the falling wedge, and now TAO struggles near $358.58.
Therefore, surpassing the current hurdle, the short-term outlook exhibits the potential for price to go northward if the declining wedge pattern proves legitimate.
However, the peak invited sell-offs, which signified the strong bearishness after March 2024.
Since that peak, the crypto has slipped. Also, the intense sell-off spanning over 150 days led to a narrowed plummeting wedge.
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