Researcher @MarcoPoloMaps Highlighted strong potential in Bittensor (TAO), and it was a vastly undervalued asset, the researcher says. This month, Grayscale’s Bittenor Trust will make investing and trading much easier.
Hmm family,
You need to take a deep dive into $TAO to see how undervalued it really is!
Grayscale will make it easier to invest in its own decentralized AI protocol tokens via security. $TAO $5k will still be undervalued. AI season is going to be huge! pic.twitter.com/KqCSETfaJF
— Marco Polo (@MarcoPoloMaps) August 19, 2024
The researcher believes that the AI season will flourish in the coming months and $5,000 will still be undervalued; it has much higher potential. Meanwhile, the researcher shared one of his drawings representing possible near-term targets in the highest bullish conditions in the asset.
The Bittensor teams are great and the projects they build are amazing. They have built Corsel, Tradewithdale and Bettensor– similar products that are already available for many people to try.
In TAO you can’t skip numbers
Bittensor (TAO) spot volume inflows increased to $57.298 million, while the market cap rose 9% on the day to $2.177 billion. The short-lived rally since August 5 has put TAO at 36th place among cryptocurrencies by market cap.
Despite repeated optimism in TAOThe liquidity ratio was weak at 2.68%, which seems to be a concern. On top of that, 34.52% of the supply was still in the market, exactly 7.249 million TAO out of the maximum supply of $21 million TAO.
According to the derivatives, the long to short ratio meant that bulls dominated over bears as the ratio stood at 1.0325. 24-hour short positions were liquidated at $55.31K while long positions were only at $7.37K. With the recent rise in the price of the short-term trend TAO, the volume rose by 10.12% and OI rose by 20.91%, indicating an increase in demand.
Od Bittensor (TAO) Price Action Overview
Bittensor (TAO) has delivered extraordinary returns to investors, soaring by over 1600% to reach a peak of $755.02 between October 2023 and March 2024. However, after reaching this all-time high, TAO encountered resistance in the supply zone, preventing further growth above $755.02.
This led to a significant profit-taking phase, resulting in a retracement of over 70% of the previous gains. After failing to break above $755.01, the price entered a downtrend, making lower lows and eventually returning to its initial demand level by July 5.
After that, the price rose slightly, reaching the upper boundary of the descending wedge. Despite this, it encountered resistance at $358.01, which caused another downward movement. August 5 TAO experienced a liquidity-driven surge and traded near the upper boundary of the falling wedge again over the next 15 days.
The price is currently facing dynamic resistance at the 50-day and 200-day EMA. A break of these resistance levels could signal a potential breakout. The MACD indicator has shown a bullish crossover, while the RSI is at 54.27.
To summarize, the short-term outlook suggests potential for an upward move if the descending wedge is successful. Resistance levels are $488 and $358, while support levels are $260 and $240, respectively.
