Bittensor (TAO) leads the AI token recovery with impressive gains, leading to a breakout rally. Will the rally cross $400 amid a broader market revival?
As the broader market recovers, despite the Bitcoin price being stuck at $60,000, the bulls are back in motion. A bullish recovery in the top AI and big data has increased the segment market cap from $18.21B to $25.09B.
Further, the volumes have increased to $1.32 billion. The top performers in the segment are TAO, RNDR, and AIOZ with 12.35%, 7.91% and 7.54% respectively in the last 24 hours.
Among the top performers, the Bittensor (TAO) shows a massive recovery in motion with a decent 6.91% return in the past 30 days. In the past 24 hours, Bittensor has increased by 13.64% and 22.06% in the last seven days.
Bittensor Massive Gains and Breakout runs
With a market cap of $2.438 billion, Bittensor ranks at 33rd position in the crypto market and at third in the top AI and big data segment. Currently, the AI token trades at $332 with an intraday growth of 4.20% following the 7.72% growth last night.
In the daily chart, the Bittensor price showcases a falling channel pattern. The bearish channel accounts for a drop of 70%. However, a double-bottom reversal from the $216 support level results in a trend reversal.
Furthermore, the AI token shows a streak of 8 consecutive bullish candles amid the recovery. As the breakout rally challenges the previous swing high at $343, another breakout event could surge the Bittensor prices to $400.
Coming to the technical indicators, Bittensor has surpassed the 20, 50 and 100-day exponential moving averages and is challenging the 200-day EMA. The recent surge in bullish influence teases a potential positive crossover in the 20 and 50-day EMA.
The DMI indicator shows a positive crossover with an uptick in the DMI indicator. Hence, the momentum indicator shows a resurgence of buyers and a surge in trend momentum.
Will TAO Token Price Surpass $400?
A Fibonacci retracement is drawn over the downfall within the bearish channel, ranging from $728 to $216. The ongoing recovery run challenges the 23.60% Fibonacci level at $336.
The bullish breakout rally of $343 can find the next resistance at the 50% level at $272. Optimistically, potential bullish crossovers in the exponential moving averages will provide additional catalysts like different stages of the explosion to propel the TAO prices higher.
With a golden crossover in the coming future, the Bittensor price can hit the previous peak of $728. However, in the short term, conservative growth to $472 seems more likely.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
