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Bittensor Bounces From The Support: Can It Continue to Rise?
Bittensor Bounces From The Support: Can It Continue to Rise?
Bittensor price seemed to be improving after taking rebound from a psychological $200 Level.
The development activity has shown an upward trajectory highlighting major changes and updates in the loop.
Bittensor (TAO) took rebound from the psychological $200 level and surged higher towards the 20 day EMA. The price noted some signs of recovery after the bulls established their presence near the demand.
Earlier, Bittensor had been on a free fall since 1st week of June crashing nearly 30% a month and over 50% in the last three months. The weakness in the broader market added more to the worse and TAO price suffered.
However, the broader market has been on a recovery nowadays which may help Bittensor price recovery. Moreover, there has been a notable change in the development activity which may affect the price.
Development Activity On The Rise
The recent sessions have experienced some sort of recovery after a strong downtrend. The long term trend outlook favors the bears which may make it difficult for the price to rise.
However, the preluding sentiment may change as there has been a notable development in the few on-chain metrics. As per the data obtained from app.santiment.net website, there has been a notable shift in the development activity curve.
The development activity curve was headed upwards indicating a positive growth in the cryptocurrency. The development activity reflects the level of activity in the form of undergoing projects and developments in the cryptocurrency.
Bittensor is an open-source protocol that enables a decentralized, blockchain-based machine learning network. In this network, machine learning models train collaboratively and earn TAO tokens based on the informational value they provide to the collective. Bittensor ranks 48th in the cryptocurrency market, with a live market capitalization of $1.78 billion.
Bittensor (TAO) Technical Analysis.
From a technical standpoint TAO's price has shown some signs of recovery in the recent sessions indicating an improved sentiment among the investors. The daily chart highlights a bearish trend prevailing as the price hovers below the key 20 and 50 day Exponential moving average.
Moreover, connecting the recent swing high and low it was observed that the TAO price has surged above the 0.23 level of Fibonacci indicating a pullback. Bittensor could now rise towards the 0.5 level or golden zone of Fibonacci at $300 level.
Moreover, the $300 may act as a crucial zone for the price. A successful closing above this level may signal a bullish breakout or trend reversal. on the contrary if the price suffers rejection near the $300 level it may show sharp decline indicating a bearish continuation.
Can Bittensor Mark A Bullish Reversal?
Bittensor (TAO) took a rebound from the $200 level, showing signs of recovery. The price was headed towards the 20-day EMA after a significant downtrend. Recent sessions indicate improved sentiment, supported by positive on-chain development activity.
The technical outlook reveals that TAO price was still below key moving averages but has surged above the 0.23 Fibonacci level, suggesting a pullback. The $300 level is crucial; a close above it may signal a bullish breakout, while rejection could lead to a bearish continuation.
Bittensor price seemed to be improving after taking rebound from a psychological $200 Level.
The development activity has shown an upward trajectory highlighting major changes and updates in the loop.
Bittensor (TAO) took rebound from the psychological $200 level and surged higher towards the 20 day EMA. The price noted some signs of recovery after the bulls established their presence near the demand.
Earlier, Bittensor had been on a free fall since 1st week of June crashing nearly 30% a month and over 50% in the last three months. The weakness in the broader market added more to the worse and TAO price suffered.
However, the broader market has been on a recovery nowadays which may help Bittensor price recovery. Moreover, there has been a notable change in the development activity which may affect the price.
Development Activity On The Rise
The recent sessions have experienced some sort of recovery after a strong downtrend. The long term trend outlook favors the bears which may make it difficult for the price to rise.
However, the preluding sentiment may change as there has been a notable development in the few on-chain metrics. As per the data obtained from app.santiment.net website, there has been a notable shift in the development activity curve.
The development activity curve was headed upwards indicating a positive growth in the cryptocurrency. The development activity reflects the level of activity in the form of undergoing projects and developments in the cryptocurrency.
Bittensor is an open-source protocol that enables a decentralized, blockchain-based machine learning network. In this network, machine learning models train collaboratively and earn TAO tokens based on the informational value they provide to the collective. Bittensor ranks 48th in the cryptocurrency market, with a live market capitalization of $1.78 billion.
Bittensor (TAO) Technical Analysis.
From a technical standpoint TAO's price has shown some signs of recovery in the recent sessions indicating an improved sentiment among the investors. The daily chart highlights a bearish trend prevailing as the price hovers below the key 20 and 50 day Exponential moving average.
Moreover, connecting the recent swing high and low it was observed that the TAO price has surged above the 0.23 level of Fibonacci indicating a pullback. Bittensor could now rise towards the 0.5 level or golden zone of Fibonacci at $300 level.
Moreover, the $300 may act as a crucial zone for the price. A successful closing above this level may signal a bullish breakout or trend reversal. on the contrary if the price suffers rejection near the $300 level it may show sharp decline indicating a bearish continuation.
Can Bittensor Mark A Bullish Reversal?
Bittensor (TAO) took a rebound from the $200 level, showing signs of recovery. The price was headed towards the 20-day EMA after a significant downtrend. Recent sessions indicate improved sentiment, supported by positive on-chain development activity.
The technical outlook reveals that TAO price was still below key moving averages but has surged above the 0.23 Fibonacci level, suggesting a pullback. The $300 level is crucial; a close above it may signal a bullish breakout, while rejection could lead to a bearish continuation.
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