Date: Sat, Sept 21, 2024, 05:21 PM GMT
The cryptocurrency market is seeing a strong surge following the Federal Reserve’s recent rate cut, which gave altcoins a major boost. Among the top gainers is Bittensor (TAO), the leading AI-focused token, currently enjoying a bullish ride. Over the past 24 hours, TAO has surged by 15.4%, and in the last 7 days, it has skyrocketed nearly 49%, making it one of the best-performing AI tokens this week.
More Rally Ahead?
Today’s rally comes after TAO broke through the $433 resistance level, pushing its price to $468, bringing it closer to the next critical level at $491. If TAO manages to break above this resistance, it could climb to $531, which would represent a further 13% upside from its current price.
With strong momentum and historical trends favoring bullish performance in Q4, the future looks bright for TAO. If these trends hold, there could be more upward movement in the near term.
Analyst Highlights Huge Potential Ahead
Prominent crypto trader Crypto Jaibrah shared his bullish analysis of TAO, noting the token’s impressive past performance. He highlighted that TAO formed a “head and shoulders” pattern last summer and broke out to the upside in the fall. After breaking out of the right shoulder, TAO experienced a massive 1,100% surge.
According to Jaibrah, TAO seems to be repeating this fractal, and if history repeats itself, we could see TAO reach $4,000 by Q1 2025.
With Bittensor’s recent performance and growing excitement around AI technologies, many are keeping a close eye on TAO for potential long-term gains.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always do your own research before making any investment decisions.