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Pundit Makes Case for XRP to $10,000, Citing AI Response on Market Cap Concerns

Sam Wisdom Raphael
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Pundit Makes Case for XRP to $10,000, Citing AI Response on Market Cap Concerns

An XRP community commentator has triggered discussions around XRP’s potential to reach audacious price levels, dismissing market cap concerns.

These discussions have sprung up following XRP’s reclamation of the $1 territory for the first time in three years. Remarkably, the altcoin has since held above this price level, currently changing hands at $1.55 amid an impressive 206% increase in November.

With this bullish momentum, these ambitious targets have re-emerged, with market pundit Armando Pantoja recently suggesting an XRP price of $100 is possible, downplaying concerns around the resulting market cap.

ChatGPT Dismisses Market Cap Concerns for XRP Valuation

In the most recent commentary, software engineer and veteran developer Vincent made a similar case, insisting that AI supported the possibility of XRP reaching $10,000 per token. Nonetheless, his assertions triggered mixed reactions from the community.  

Specifically, Vincent explained that he used ChatGPT to explore hypothetical scenarios involving XRP, including regulatory clarity, cross-border payments, and global monetary applications. 

According to him, the AI concluded that XRP could plausibly reach $10,000 under certain conditions, dismissing traditional market cap concerns as irrelevant for crypto. For context, a price of $10,000 would imply a market cap of $570 trillion, a figure far exceeding global market norm.  

Amid skepticism, Vincent encouraged others to engage AI in similar discussions and pose specific questions. He highlighted one scenario in which XRP’s strategic positioning could make it a candidate for global reserve currency status.  

Is XRP Constrained by Market Cap?

Interestingly, several XRP proponents supported Vincent’s claims, questioning the relevance of market cap as a limiting factor for XRP.

Rookery Heart, a community member, argued that technological advancements like XRP’s low-cost, high-efficiency value transfer systems make market cap comparisons obsolete. He contrasted this with stocks, which command trillions in market cap without comparable utility.  

Moreover, a trader also called market cap an outdated metric for assessing cryptocurrencies. According to him, crypto assets that serve as currencies or stores of value operate differently from traditional stocks, and clinging to old paradigms restricts forward thinking.  

Further, investor Sono Coscienza noted that Bitcoin’s meteoric rise from $2 to $1,000 seemed equally implausible at the time. He argued that dismissing ambitious price predictions overlooks the potential of blockchain technology.  

Community Pessimism

However, not everyone agreed with Vincent’s claims. Dr. Artur Kirjakulov, CEO of XPMarket, cautioned against relying overly on AI for financial predictions. 

He pointed out that AI tools like ChatGPT can lean toward biases in the user’s questions, producing desired answers without deeper analysis. Kirjakulov urged the community to approach AI-generated conclusions critically, especially when dealing with speculative predictions.  

Another community member referenced Grok AI’s more conservative outlook on XRP, projecting a long-term price range of $4.80 to $65 under optimal conditions. For more details, explore the Ripple news now. Grok AI dismissed extreme targets like $10,000 as speculative.

Stellar’s Road To $5 May Be Overtaken By A Faster Rival Altcoin

Mark Brennan
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Stellar’s Road To $5 May Be Overtaken By A Faster Rival Altcoin

Stellar (XLM) has been making headlines with impressive growth in the last few weeks. The XLM price has surged significantly, but new, well-received tokens like Minotaurus (MTAUR) might challenge its dominance.

As Stellar crypto faces a crucial moment, the big question remains: can it continue its rise, or will a new altcoin take over? Let’s explore the details.

Stellar XLM: Big Growth but Facing Challenges

Stellar (XLM) saw its price rise by 608% in just 20 days, making it one of the top-performing altcoins recently. The rally also pushed daily transaction volume to a peak of $2.83 billion, showing strong community interest. However, the XLM price has now dropped 25% from its recent high, signaling a possible retracement phase.

Despite this pullback, Stellar crypto is still 390.5% higher than three weeks ago. Analysts are optimistic about the next targets for XLM price, with resistance levels set at $0.766 and $0.975, based on Fibonacci extensions. However, the current retracement could push the XLM crypto price down to $0.463 or lower. The overall market vibe seems to be positive with more and more actions being taken to legitimize crypto.

The Money Flow Index (MFI) has not yet signaled a bearish divergence but suggests the token may lose momentum. Data from the liquidation map shows clusters around the $0.46-$0.47 range, increasing the likelihood of a price dip. For now, Stellar XLM remains a strong project with potential, but short-term corrections could delay its upward trend.

Minotaurus (MTAUR): Challenger XLM Didn’t See Coming

While Stellar (XLM) continues to make waves with its impressive growth, Minotaurus (MTAUR)—a new presale token—is quickly capturing attention and could ignite a market shake-up. The presale is gathering momentum, with over 376,000 USDT recorded so far, reflecting strong interest from the crypto community.

MTAUR is now priced at 0.00006004 USDT, offering a 70% cut compared to the listing price of 0.00020 USDT. Buyers who entered during the first stage have already seen ~50% growth, while those buying now can anticipate ~234% growth when the token lists.

The community is growing rapidly, with more than 14,000 active members and influencers taking notice of the buzz. Minotaurus also incentivizes its supporters through referral bonuses and vesting programs. The excitement doesn’t stop there—one lucky participant in the 100,000 USDT giveaway will walk away with 50,000 USDT in MTAUR. With every stage, the token price rises, so act now to lock in this opportunity!

Conclusion

Stellar has shown impressive growth, but it faces challenges in holding its momentum. The XLM price is consolidating after a massive rally, and analysts are watching key levels for further movement.

Meanwhile, new tokens like Minotaurus (MTAUR) are attracting attention, adding competition to the market. With Minotaurus, you’re looking at massive upside potential and some seriously impressive holder benefits—all for an entry price that’s just too low to ignore. Get involved before the presale ends!

PROP365: The Prop Trading Platform For Crypto And Beyond

Albert Brown
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PROP365: The Prop Trading Platform For Crypto And Beyond

As financial markets evolve, traders are seeking innovative ways to maximize their potential. PROP365, a proprietary trading firm, is at the forefront of this transformation, offering opportunities to trade cryptocurrencies and a wide range of other markets.

Why Choose PROP365 for Crypto?

While cryptocurrencies are an exciting asset class, savvy investors understand the importance of diversification. PROP365 caters to traders who want to explore opportunities across various financial markets, including forex, stocks, commodities, and indices. Whether you specialize in one market or aim to diversify your portfolio, PROP365 provides the tools and capital to thrive.

What is Prop Trading and How Does It Work?

Proprietary trading, or prop trading, involves trading financial markets using a firm’s capital instead of the trader’s personal funds. Prop trading firms like PROP365 provide capital, advanced tools, and platforms to skilled traders. In return, traders share a portion of the profits they generate.

Here’s how it works:

  1. Evaluation Phase: Traders must prove their skills by completing a trading challenge.
  2. Access to Funding: Once the evaluation is passed, traders receive access to the firm’s capital.
  3. Profit Sharing: Successful traders earn a significant share of their profits, while the firm benefits from the remaining portion.

This approach allows traders to minimize personal financial risk while scaling their strategies with access to larger trading capital.

Key Features for Multi-Market Trading

  1. Access to a Broad Spectrum of Markets
    With PROP365, traders can explore Cryptocurrencies Forex, Stocks, Commodities, and Indices.
  2. No Upfront Capital Requirements
    PROP365 eliminates the need for large initial investments, enabling traders to access significant capital across various markets without risking personal funds.
  3. Advanced Trading Tools for Every Market
    Built on the powerful TradeLocker platform, PROP365 equips traders with real-time analytics tailored to specific markets, risk management systems and an interface for seamless navigation across asset classes.
  4. Transparent Trading Challenges
    PROP365’s challenges are designed to assess and refine traders’ skills in different markets. By meeting clear and achievable goals, traders unlock access to funded accounts and real-world trading opportunities.
  5. Expert Guidance and Resources
    Navigating multiple markets can be complex, but PROP365 ensures traders have the support they need.

The Advantages of Diversification with PROP365

  • Broaden Opportunities: Trade across multiple markets, including crypto, to capitalize on varying trends and conditions.
  • Reduce Risk: Balance the inherent volatility of cryptocurrencies with the stability of other asset classes.
  • Maximize Profit Potential: Take advantage of PROP365’s competitive profit splits and capital to optimize returns across all markets.

Getting Started with PROP365

  1. Register on the Platform: Create an account with PROP365 to access their comprehensive suite of trading tools.
  2. Select Your Challenge: Choose a trading evaluation that aligns with your skills and market preferences.
  3. Prove Your Expertise: Showcase your trading capabilities and unlock access to funded accounts for crypto and other markets.
  4. Start Trading: Leverage PROP365’s capital to build a diversified trading strategy across asset classes.

PROP365: Empowering Traders Across All Markets

PROP365 isn’t just a platform for crypto enthusiasts—it’s a launchpad for success across multiple financial markets. Ready to elevate your trading across crypto, forex, stocks, and more? Visit PROP365 today and take your first step toward unlocking unlimited potential.

VeChain Gains Momentum with VeBetterDAO: Can It Break Through $0.05 Resistance?

Albert Brown
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VeChain Gains Momentum with VeBetterDAO: Can It Break Through $0.05 Resistance?

VeChain (VET) is showing strong upward momentum amid crucial ecosystem development.

At the time of writing, VET is trading at $0.04311, marking a 4.91% increase in the last 24 hours. Over the past week, the token has surged by 29.34%.

This surge follows the broader market momentum and the launch of VeBetterDAO, which combines sustainability, decentralized autonomous organizations (DAOs), and real-world assets (RWAs).

In a recent tweet, Michaël van de Poppe, founder of MN Consultancy, acknowledged VeChain’s impressive price action. He noted that the move is part of a broader trend of older crypto assets experiencing renewed growth.

Poppe highlighted that recent developments within VeChain’s ecosystem, particularly the launch of VeBetterDAO and its B3TR token, have sparked interest in VET.

VeBetterDAO encourages sustainable behavior by incentivizing users while integrating decentralized governance and real-world asset connectivity. Its open participation model engages a wider audience, enhancing the platform’s appeal.

VeChain’s ecosystem initiatives align with emerging trends in the blockchain sector, particularly in leveraging “earn” mechanisms and community-driven engagement. 

Price Analysis for VeChain (VET)

Van de Poppe’s technical analysis highlights key support and resistance levels for VeChain. A major support level at $0.02048 has historically provided a solid price floor, while $0.05 represents a significant resistance zone where selling pressure has previously emerged.

According to TradingView data, the Relative Strength Index (RSI) is currently at 68.44, indicating bullish momentum without entering the overbought territory. This suggests that there is still room for potential upward movement.

VETUSDT 1-day Price Chart
VETUSDT 1-day Price Chart

VeChain Breakout Patterns and Potential Price 

Recent price action saw VeChain breaking through the 78.60% Fibonacci retracement level at $0.043, signaling the possibility of continued upward momentum. While a brief pullback followed, it was a trendline retest before further bullish movement.

Based on Fibonacci projections, VeChain’s potential price targets are $0.087 and $0.15. If these levels are reached, it would amount to VeChain rising by over 250% from its current price.

Expert Says It’s Only a Matter of Time Before Dogecoin Hits $3

Abdulkarim Abdulwahab
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Expert Says It’s Only a Matter of Time Before Dogecoin Hits $3

A notable crypto analyst argues that Dogecoin (DOGE) is gathering momentum for a bull run to an unprecedented height amid ongoing consolidation.

The bullish momentum in the crypto market is back, but Dogecoin is struggling to keep up with the sensational rally it staged earlier this month. 

In the last 24 hours, Dogecoin has registered only a 3% gain, trading at $0.4144. However, the meme coin is still trading at a loss of 13.2% from its recent multi-year peak of $0.4775. Over the last two weeks, Dogecoin has largely exhibited a ranging pattern since its sensational rally peaked at $0.4360 on November 12.

This performance has dampened the optimism of market participants eagerly waiting to see it hit $1. However, with Bitcoin now back above the $97K price, Dogecoin is attempting to capitalize on the move.

Only a Matter of Time Before Dogecoin Hits $3

Amid this, Crypto Scofield, a notable market commentator, boldly asserted that it is only a matter of time before Dogecoin’s bull run reemerges, potentially staging a spectacular rally that could drive DOGE to $3.

Dogecoin would need a massive surge of 624% from its current price to break the unprecedented $3 price level. Notably, Dogecoin has surged by 415% in the last 12 months, making the required move to $3 a likely outcome for the meme coin.

What It Means for Dogecoin to Reach the $3 Price

Remarkably, attaining a $3 price would elevate Dogecoin’s market cap to $440 billion, exceeding the current market cap of Ethereum. Moreover, this valuation would place the Elon Musk-endorsed meme coin ahead of Netflix and Bank of America in the global ranking of most valuable assets and companies.

Interestingly, some analysts believe that $3 may not even be the ceiling for Dogecoin’s potential in the ongoing bull season, with some even arguing for double-digit values for the premier meme coin.

Timeline for Dogecoin Reach $3

Some analysts, like Ash Crypto, have pointed to a timeline of six months to a year for Dogecoin to reach $3.

Notably, this projection suggests that $3 could be Dogecoin’s peak, as the ongoing bull run is expected to end within the same timeline. However, other analysts disagree with this outlook. Some have projected Dogecoin to reach $11, while others suggest a price beyond $20.

For instance, an analyst on TradingView highlighted DOGE’s historical performance within a Gaussian channel to project a potential peak at $11. Meanwhile, Ali Martinez used Dogecoin’s performance in an ascending channel to argue for an $18 peak for DOGE.

It remains to be seen how high Dogecoin could go this season.

Venture Capitalist Tim Draper Says No Reason Bitcoin Does Not Go up 30x From Here

Elendu Benedict
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Venture Capitalist Tim Draper Says No Reason Bitcoin Does Not Go up 30x From Here

Venture capitalist investor Tim Draper has insisted that Bitcoin would increase by thirtyfold from its market price, branding it the currency of the future.

Following its surge near the $100,000 psychological zone, Bitcoin has seen missed reactions among market participants. Notably, commentators are at loggerheads on whether Bitcoin will see more upsides.

Amidst the debate, venture capitalist Tim Draper has argued that Bitcoin would surge at least 30 times from here. In a recent interview, the American billionaire mentioned that Bitcoin’s price is “cheap,” and the world would gravitate towards the asset in the future.

Draper Insists Bitcoin Investment is Still Early

The seasoned investor stated that Bitcoin is still nascent and entering a mainstream adoption curve. Draper noted that Bitcoin’s market cap around $2 trillion is minimal, constituting a meager fraction of the world’s currency economy.

As a result, he expects more expansion to the digital asset and, consequently, more upsides. With the analogy, Draper maintained that Bitcoin at this price is a premium discount compared to its future valuation.

For context, a thirtyfold upsurge from Bitcoin’s current market price would ensure the digital asset trades at $2.9 million per token. Notably, this still falls below Michael Saylor’s $13 million price speculation.

Creativity Is About to Fly Under Trump

Furthermore, the American billionaire asserted that Bitcoin is the currency of the future. He stated that in the next five to ten years, Bitcoin’s utility would be so standard that owners could use it to buy groceries and pay taxes.

Nonetheless, he stated that digital assets would “fly under Trump.” The billionaire investor emphasized that Donald Trump’s collaboration with brilliant minds like Elon Musk would spur mainstream adoption of blockchain technology and, consequently, the US economy.

Notably, Trump tapped the SpaceX founder to head D.O.G.E. (Department of Government Efficiency). The president-elect also appointed other pro-Bitcoin personalities to fill his cabinet.

Meanwhile, the move emphasizes Trump’s friendly stance on the digital innovation and his belief that it would boost the US economy. He even teased creating a Bitcoin Treasury reserve, further spurring investor confidence in the asset’s exceptional performance in his tenure.

In the meantime, Bitcoin trades at $96,839, up 1.7% in the past 24 hours.

Here are Top Bitcoin Predictions Over the Next 26 Years

Mark Brennan
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Here are Top Bitcoin Predictions Over the Next 26 Years

With Bitcoin rebounding to $97,000, leading crypto aggregator CoinMarketCap shares some top predictions issued by prominent financial entities for the asset.  

Bitcoin has registered an incredible performance this month, soaring from $68,000 to $99,000 in two weeks. Notably, the premier asset registered an all-time high of $99,655 on November 22, inching close to the $100,000 psychological milestone.

However, Bitcoin plunged below the $91,000 level a few days later, crashing to $90,796 earlier this week. Interestingly, Bitcoin has resumed its rally, with its price surging above $97,000 in the hours leading up to press time. 

Top Bitcoin Predictions 

Given Bitcoin’s incredible performance, uncertainty surrounds how high the asset could surge in the coming months or years. 

Bitcoin has welcomed some bullish predictions from top financial entities and industry leaders, with each setting different targets and potential timelines for the asset to reach these milestones.

Leading crypto aggregator CoinMarketCap compiled some of these Bitcoin price predictions today, asking its followers to identify which entity would accurately forecast Bitcoin’s price.

BTC Price predictions
Image Source: @CoinMarketCap, X (Twitter)

End-of-Year Prediction 

With just a month left before the end of 2024, entities such as CryptoQuant, Standard Chartered, and Matrixport expect Bitcoin to hit different targets this year. 

While CryptoQuant set a target of $141,000 for Bitcoin, Standard Chartered and MatrixPort expect it to trade at $125,000 by 2024. 

To achieve this feat, Bitcoin must rally 44.79% from its current price of $97,380 to reach CryptoQuant’s projection of $141,000, or 28.36%, to clinch the $125,000 target set by Matrixport and Standard Chartered. 

Bitcoin’s 2025 Prediction 

In May, Pantera Capital, which recently set Bitcoin’s 2028 target at $740,000, projected that the asset would trade at $117,000 by August 2025. This requires a surge of 20.14% from the current price of $97,380. 

However, BitMEX co-founder Arthur Hayes set a higher 2025 valuation for Bitcoin. According to his forecast, Bitcoin would surge to $250,000 by the end of 2025. Achieving this valuation requires the world’s largest cryptocurrency to rally by 156.72% from its current price in 13 months. 

2026 Forecast 

Furthermore, prominent asset managers like Bitwise and Alliance Bernstein set a modest target for Bitcoin in 2026, compared to Hayes’ projection of $250,000 by the end of 2025. 

These asset managers expect the price of Bitcoin to hit $200,000 by 2026. Reaching the $200,000 target requires the price of Bitcoin to rally by 105.38% from its current level in two years.

2030 and 2050 Bitcoin Prediction 

Meanwhile, other fund managers issued different ambitious targets for Bitcoin, with Ark Invest expecting BTC to hit $650,000 by 2030. To clinch this ambitious target, Bitcoin must soar by 567.48% from its current value over the next six years. 

In addition, VanEck offered one of the most audacious predictions for Bitcoin, projecting a surge to $2.9 million by 2050. Achieving this milestone requires a hefty surge of 2,878% over the next 26 years.

According to VanEck, Bitcoin’s rally to $2.9 million would be driven by the asset’s utility in international trade and its role as a global reserve asset for central banks. 

At press time, Bitcoin is changing hands at $97,380, up 1.79% over the past 24 hours, with a daily volume of $46.02 billion.

XRP Overtakes BNB, Becomes 5th Largest Crypto Amid Spike to New 3-Year Peak

Sam Wisdom Raphael
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XRP Overtakes BNB, Becomes 5th Largest Crypto Amid Spike to New 3-Year Peak

XRP has finally surpassed Binance Coin (BNB) in market cap to become the fifth largest crypto asset, as it surges to a new 3-year peak.

The recent milestone came on the back of the ongoing market-wide rebound campaign, which has seen XRP recover its losses over the past few days. Recall that XRP witnessed a steep decline after soaring to a three-year peak of $1.63 on Nov. 23.

XRP Leads Recovery Charge, Overtakes BNB

However, amid the ongoing market recovery, the altcoin appears to be rebounding better than other assets. CoinMarketCap data confirms it has spiked 16.76% over the past 24 hours and by a more substantial 20.55% in the last week, making it the biggest gainer among the top 10 assets.

As a result of its sharper uptrend, XRP’s market cap soared beyond the $94 billion mark, allowing it to officially overtake BNB in valuation. This pushed XRP to the fifth position among the largest crypto assets in the market. The feat comes weeks after the altcoin surpassed USDC and Dogecoin (DOGE) to become the sixth-largest crypto asset.

At press time, XRP now boasts a market cap of $96.79 billion, outranking BNB with a $94.76 billion in valuation. XRP has also commanded one of the largest volumes in the market over the past 24 hours, with $10.43 billion in volume, making it the top four traded asset in the crypto market.

XRP Overtakes BNB CoinMarketCap
XRP Overtakes BNB CoinMarketCap

The recent valuation milestone comes as XRP finally surpasses the $1.63 resistance it faced previously on Nov. 23. Notably, after breaching this level today, XRP has since pushed to greater heights, currently trading for $1.70 at press time, a new three-year peak.

Next XRP Resistance and Support Levels to Watch

XRP now aims to surpass Solana, which currently has a market cap of $115 billion amid a 4.73% weekly drop. For XRP to reach this valuation, the altcoin must breach the 2021 resistance of $1.96 and clear the $2 level, reaching a 7-year peak.

Market analyst Dark Defender, who had previously stressed the importance of the $1.63 resistance, confirmed today that XRP now has its eyes set on greater heights. In an updated report, he confirmed that XRP now targets the $1.88 price, which would require an additional 10% rise from the current level.

Once this $1.88 region gives way, the analyst sets two more targets at $3.41 (around the all-time high) and $11.32. XRP must rally by 100% to claim the $3.41 target and a more substantial 565% to reach the loftier $11.32 region. The altcoin is already up 231% this month.

Dark Defender also called attention to previous targets he set at $5.85 and $18.22. However, to reach these levels, XRP must first breach the 2021 peak of $1.96 and reclaim the $2 psychological level. If a pullback occurs, Dark Defender expects support to range from $1.44 to $1.03.

Veteran trader Peter Brandt had identified the $1.96 resistance in a previous analysis. Interestingly, Tunc Satiroglu, another market veteran, also noted today that XRP could face resistance at $1.95 from here. However, he stressed that a drop below $1.50 could be bearish. 

XRP 2h Chart Tunc Satiroglu
XRP 2h Chart | Tunc Satiroglu

Hong Kong-based Gaming Company Exchanges Its Ethereum for Bitcoin

Elendu Benedict
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Hong Kong-based Gaming Company Exchanges Its Ethereum for Bitcoin

Hong Kong-based gaming company Boyaa Interactive has announced an unexpected crypto swap, shuffling some of its Ethereum for Bitcoin.

Ethereum’s selling pressure continues despite a recent price awakening. For context, the altcoin king surged to a five-month high above $3,600 on Wednesday amid growing bullish momentum.

Despite Ethereum’s growing price, a notable Chinese firm has dumped the asset for its biggest rival, Bitcoin. Boyaa Interactive announced it swapped a huge amount of its Ethereum stash for the pioneering cryptocurrency.

Boyaa Prefers Bitcoin Over Ethereum

Per a press release on Friday, the gaming firm disclosed that it sold 14,200 ETH for $49.48 million between November 19 and 28. Then, the firm used the realized funds to acquire approximately 515 bitcoins in the open market.

Notably, Boyaa revealed that it acquired the 14,200 ETH for $39.45 million, buying at an average price of $2,777 per coin. This means that the tech firm sold its Ether stash at a profit of over $10 million.

Meanwhile, Boyaa already holds a substantial amount of Bitcoin, stacking 2,667 BTC from earlier sales. With the latest purchase, the publicly traded firm takes its holdings to 3,183 bitcoins, acquired at an average cost of $57,724.

It bears mentioning that Boyaa’s last notable crypto purchase was a $100 million investment in the sector late last year. In November 2023, the gaming company announced it would buy $45 million worth of Bitcoin and Ethereum each and $10 million in stablecoins USDT and USDC.

Asian Firms Increasingly Turning to Bitcoin

Meanwhile, the purchase follows a surging adoption of Bitcoin among Asian public firms. Regular names like Bayoo and Metaplanet have continued to up their acquisition of the pioneering crypto asset, with new firms entering the mix.

For instance,  Japanese firm Remixpoint recently announced it would buy $3.2 million worth of Bitcoin. Per the disclosure, the consulting firm would buy into the crypto asset to help hedge against the yen devaluation.

Interestingly, Bitcoin adoption has become a global stance. Public companies and states around the world are beginning to invest portions of their reserves in the leading cryptocurrency amidst discussions of US adoption at a national level.

Can BitTensor (TAO) Break Multiple Resistances and Surge to $700?

Albert Brown
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Can BitTensor (TAO) Break Multiple Resistances and Surge to $700?

Can the bullish breakout from a rounding bottom and a rising channel propel BitTensor (TAO) past $700?

With the crypto market on a fresh recovery run, AI tokens are leading the bullish pack. Among the top AI-performing tokens, BitTensor has surged 10% in the past 24 hours. 

Crossing above the $4.5 billion market cap, the AI token is sustaining dominance above the $625. Will this recovery rally in BitTensor result in a price surge beyond the $700 barrier?

BitTensor Price Analysis

In the 4-hour chart, BitTensor showcases a rising channel breakout rally. With the broader market recovery, BitTensor’s price started the second bullish reversal in November. 

BitTensor Price Chart
BitTensor Price Chart

Starting from the crucial support level of $450, the uptrend has reached a peak of $625, accounting for a price surge of nearly 38%. Over the last four days, this bullish trend has surpassed the local resistance trendline and the 78.60% Fibonacci level at $618. 

The bullish breakout increases the chances of a prolonged rally, surpassing the immediate resistance of $673. 

The streak of bullish candles marks a breakout of multiple resistances, and the underlying sentiments have significantly improved. Hence, the broader market anticipates the bullish continuation of the TAO token. 

Supporting the broader market sentiment, the 50-100-200 EMA lines on the 4-hour chart have regained their bullish alignment following the recent upward surge. Additionally, the MACD and Signal lines have diverged after previously merging, signaling potential for further upward movement.

These technical indicators have avoided a bearish crossover and have triggered a buy signal, supported by positive histograms. As such, they suggest the uptrend may continue toward the next immediate resistance level.

Will TAO Price Cross $700?

The BitTensor price trend also displays a rounding bottom breakout, with the neckline of the rounding bottom coinciding with the 78.60% Fibonacci level and a long-standing resistance zone between $618 and $623.

According to the Fibonacci retracement tool, the key resistance levels for BitTensor are at $673 and the 1.272 Fibonacci level at $743.

In the event of a bullish failure, a pullback within the broken resistance trendline could retest local support at $575, followed by the rising support trendline at $560.

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