Bittensor Price Prediction: Is $800 TAO Possible After Binance Listing?

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The price of Bittorent, which is based on the open-source protocol TAO powering a decentralized network, experienced a notable decline in the past 24 hours. At first, there was a market uptick, pushing the value to an unprecedented peak of $733. Bittorent’s price surged above $700, demonstrating strong market performance. However, this upward trend did not last long as a correction wave swept through the market.

Currently, Bittensor is being traded for around $594, representing a significant 13.65% decrease in value compared to its price the previous day.

The current market size of Bittensor shows a decrease of 13.6%, now at $3.9 million, making it the 31st largest based on this measurement. Notably, there has been an impressive 37.66% increase in trading volume within the last 24 hours, resulting in a total of $288 million traded, suggesting heightened investor interest and activity.

Bittensor Price Prediction: Market Trends Signal Volatility

With a hint of growing confidence, investors are becoming more optimistic towards TAO‘s potential. In the past week, this altcoin has seen a significant surge, rising above 1 dollar. Currently, its price hovers between $560 and $750. This price range instills a sense of optimism regarding TAO‘s future prospects, even amidst minor market turbulence.

Bittensor Price Prediction: Is $800 TAO Possible After Binance Listing?

Although TAO experienced expansion during the past week, it encountered hurdles over the last month, experiencing a decline of more than 16%. Presently, TAO is transacting near $590, having earlier dipped beneath $550. This price fluctuation, along with increased market scrutiny and investor optimism, may indicate potential progression. Yet, the ambiguous indicators call for prudence in the financial realm.

Should the bearish market prevail, bullish investors may find it challenging to hold their ground, potentially causing Bittensor’s price to revisit its $550 support. If the bearish influence remains strong, TAO‘s price could drop even lower towards a notable support level of $530.

In other words, if the bulls manage to overpower the $600 resistance, they may gain back their power and advance towards the $700 mark. Keeping the price at this point could pave the way for an uptrend that might eventually lead to the $800 resistance in a future bullish market.

Binance Expands Bittensor Offerings: Future Implications

Beginning April 11, 2024, Binance broadened its offerings to include the altcoin Bittensor on their cryptocurrency platform. In the spot trading area, significant pairs for TAO are now available for users to buy and sell. Moreover, Bittensor has been added to both Binance Simple Earn and Binance Convert. This means that users can earn interest or exchange their Bittensor for other cryptocurrencies seamlessly within the Binance ecosystem.

Starting from April 11, 2024 at 12:00 UTC, Binance will make Bittensor (TAO) available for trading with the following pairings: Binance will list Bittensor, which is a decentralized machine learning protocol that motivates individuals to train and manage machine learning models in a networked fashion.
— Wu Blockchain (@WuBlockchain) April 11, 2024

In the near future, Binance intends to add TAO to its automated investment collection. On the other hand, Bittensor employs a peer-to-peer network to foster collaboration in training machine learning models. This decentralized methodology increases the number of individuals involved in the creation of artificial intelligence.

In simpler terms, the technical indicators for Bittensor, which take four hours to update, show a complex market situation. The Relative Strength Index (RSI), one of these indicators, oscillates around 46.44. This number implies that there’s an even balance between buyers and sellers in the market. A reading of 46.44 indicates neither an overbought nor oversold market, suggesting a time of calmness or equilibrium.

Bittensor Price Prediction: Is $800 TAO Possible After Binance Listing?

In simpler terms, the MACD indicator is showing a small negative shift, as its histogram has dropped beneath the signal line. Moreover, the most recent price candle has experienced a noticeable decline, contrasting with the generally steady trend seen earlier.

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2024-04-12 17:53