Bittensor (TAO) Leads AI Token Recovery With Impressive Gains That Have Driven Breakout Rally. Will Rally Exceed $400 Amid Broader Market Recovery?
As the broader market recovers, despite Bitcoin’s price being stuck at $60,000, the bulls are back in action. The bullish recovery in the AI and big data space has increased the segment’s market cap from $18.21 billion to $25.09 billion.
Volumes then grew to $1.32 billion. The leaders in the segment were TAO, RNDR and AIOZ with 12.35%, 7.91% and 7.54%, respectively, over the past 24 hours.
Among the leaders, Bittensor (TAO) has shown a strong recovery in the move with a decent return of 6.91% over the last 30 days. Bittensor has gained 13.64% over the last 24 hours and 22.06% over the last seven days.
Massive growth and breakthrough of Bittensor
With a market cap of $2.438 billion, Bittensor ranks 33rd in the cryptocurrency market and third in the top AI and big data segment. The AI token is currently trading at $332, up 4.20% intraday after rising 7.72% last night.
On the daily chart, Bittensor price shows a falling channel. The bearish channel explains the 70% decline. However, the double bottom reversal from the $216 support level leads to a trend reversal.
Moreover, the AI token is showing a series of 8 consecutive bullish candles amid the recovery. As the breakout rally challenges the previous swing high at $343, another breakout event could push Bittensor prices to $400.
In terms of technical indicators, Bittensor has surpassed the 20, 50 and 100-day exponential moving averages and is challenging the 200-day EMA. The recent surge in bullish influence hints at a potential positive crossover of the 20 and 50-day EMA.
The DMI indicator shows a positive crossover with the rising DMI indicator. Therefore, the momentum indicator shows a resurgence of buyers and a surge in trend momentum.
Will TAO Token Price Exceed $400?
A Fibonacci retracement is drawn above the decline in a bearish channel, ranging from $728 to $216. The ongoing recovery is challenging the 23.60% Fibonacci level at $336.
A bullish breakout of the $343 rally could find next resistance at the 50% level at $272. Optimistically, potential bullish crossovers in exponential moving averages will provide additional catalysts such as various stages of explosion to push TAO prices higher.
With a gold crossover in the near future, Bittensor price could reach the previous peak of $728. However, in the short term, a conservative increase to $472 seems more likely.
