Amid the ongoing crypto bullish outlook, triggered by the Gold rally and the recent Fed’s rate cut, Bittensor (TAO), a fast-growing blockchain firm focused on developing decentralized artificial intelligence (AI), has registered palpable gains. In the past two weeks, $TAO price rallied over 131 percent to trade about $575 on Monday, during the early European session.
Recent TAO Performance
The mid-cap altcoin, with a fully diluted valuation of about $12.1 billion and a daily average trade volume of around $366 million, has signaled the onset of a fresh bull run. For the first time since January 2024, TAO’s daily Relative Strength Index (RSI) rallied above the 70 percent level, indicating the bulls are in control. In the weekly time frame, the TAO price has consistently closed above the 50-day Moving Average (MA), and more upside is expected in the near term.
Midterm Expectations
From a technical standpoint, the TAO price could experience significant resistance between $560 and $590, which could result in a retrace before the bullish continuation towards a new all-time high. However, if the TAO price follows a similar bullish breakout to Q4 2023, the altcoin is likely to pump continuously in the coming weeks. Nonetheless, if Bitcoin price retraces below $60k before the end of September, the TAO price could retest the support level of around $357. In the long haul, the much-anticipated altseason, triggered by the reversal of the macro Bitcoin dominance, will propel TAO price towards the parabolic phase.
Ecosystem Development
The Bittensor network has grown to more than 102k accounts in recent years, with more than 2.5 million on-chain transactions. The mainstream adoption of artificial intelligence, as observed with Nvidia’s parabolic growth, has helped AI-related crypto projects grow exponentially in recent years.
Amid the current crypto rally and the growth of artificial intelligence, Bittensor (TAO) is demonstrating significant growth and potential, establishing its position in the market. It's important to monitor the further development of the project and its price dynamics.
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