CandleFocus Bittensor (TAO) Price Could Fall Short of Matching 100% Increase in “Uptober”
2024-10-01
Author: Content Editor
In September, the price of Bittensor's (TAO) cryptocurrency saw a significant surge of 111%. However, as October begins, there are indications that TAO's price may face resistance and struggle to make further gains. The surge in TAO's price in September was driven by developments in the Artificial Intelligence (AI) sector. The widening of the Bollinger Bands on the daily chart indicates high volatility in TAO's price. The upper band of the Bollinger Bands suggests that TAO's price may be overbought, potentially leading to a pullback. On-chain data shows a decrease in social dominance for TAO, which suggests a decrease in investor attention and potential price decrease. The Relative Strength Index (RSI) on the daily chart indicates that TAO is overbought. Using Fibonacci retracement, TAO's price may decline to $520.65 or even lower if it fails to hold that level. However, if demand for TAO increases significantly, the price could defy the predicted decline and potentially reach $700.
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