The recent research on Bittensor (TAO) has shown that the asset has a strong potential for further market gains. This has led to an increase in market participants buying more TAO following the positive developments highlighted in the research. In the last 24 hours, TAO has seen a 2.34% increase, indicating a fresh interest in the token. This growth comes after new research has highlighted the asset’s potential for growth in the market. If this trend continues, it could contribute to TAO’s impressive 48% monthly surge and its 23% gain over the past 30 days.
Furthermore, a study by Funstrat on TAO’s performance has shown that the asset has outperformed major market assets and has more growth potential ahead. A performance comparison between TAO and leading assets like Bitcoin and Ethereum since March 2023 has shown TAO’s strong performance. While Bitcoin gained 195% during this period, TAO gained 169%, a 26% difference. Comparing with Ethereum, TAO saw a 167% increase while Ethereum saw only a 2% increase. Additionally, TAO has been adopted by Grayscale institutional investors and has seen an increase in the number of users in the market.
The market has reacted positively to TAO’s performance, with strong buying activity taking place. Coinglass Netflow data shows that there has been $3.11 million worth of the token bought from the market in the past 24 hours. The derivatives market also shows high buying volume, with a long-to-short ratio of 1.0105 indicating more buying than selling. This could potentially lead to TAO’s price continuing to rise and reaching new highs for the year. Analyzing TAO’s price on the chart using the Fibonacci retracement level, it could rally to a high of $697.7 in the future.
However, TAO faces resistance at key levels such as $370.2, $425.2, and $495.3, which may slow its upward movement. At each hurdle, the price could consolidate or pull back slightly before continuing its upward trend. Despite these challenges, momentum is building, and investor sentiment is bullish, indicating a potential for a continued rally in the coming days. If accumulation continues at its current pace, TAO’s price could see further growth. Overall, the research and market activity suggest that TAO has a strong chance of seeing significant gains in the near future.
