CandleFocus TAO up 106% in 30 days, analysts expect rally to continue
2024-10-14
Author: Content Editor
Bittensor (TAO), an artificial intelligence-focused token, has seen significant gains over the past 30 days, ranking as the third top gainer among the top 100 cryptocurrencies. TAO rose by 106.8% during this period and is up 181% from its lowest point in September. This surge in price has brought its market cap to over $4.79 billion. The rise of TAO can partly be attributed to the rally of Nvidia Corp's stock, which has pushed up the market cap for AI tokens. Additionally, institutional interest, particularly from Grayscale, has further boosted investor confidence in TAO. The demand for TAO in the futures market has also increased, and on-chain metrics show an uptick in activity. Analysts predict that TAO's rally is expected to continue, with short-term and mid-term targets predicted. However, support at the $650 mid-level is important, and if the price falls below this point, it could signal a potential downward shift in momentum. Currently, TAO is in a bullish trend with the Relative Strength Index indicating room for further gains in the short term.
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