The price of Bittensor cryptocurrency has surged 21%, reaching $555. The project has drawn attention due to the announcement of new features such as EVM compatibility and Ethereum smart contracts.
Introduction of New Features
Bittensor project announced upcoming updates, including EVM compatibility and Ethereum smart contracts. These changes are expected to positively impact cross-chain bridges and the hierarchical structure of subnets. Members of the Opentensor Foundation discussed these changes at the Bittensor meetup during Token2049, noting their benefits for DeFi and subnet operators who could expand their capabilities.
Bittensor Price Prediction
After reaching $580, the token’s price fell to $555. Despite expected recovery, the price might continue to correct. The Bollinger bands remain wide, and the Relative Strength Index (RSI) has dropped from 85.72 to 62.02, trending towards the neutral zone.
Potential Risks and Alternatives
The token's popularity may drive new purchases as the RSI drops to 50, potentially increasing the price. However, continued bear market activity could further decrease the RSI and the price. In the face of possible turbulence, traders might consider alternative projects like Mega Dice (DICE).
The Bittensor price showed significant growth, but future dynamics remain uncertain. The project attracts attention due to its updates, yet traders should be prepared for possible volatility.
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