Bittensor, known as TAO in the AI cryptocurrency ecosystem, has experienced impressive growth in the past 24 hours. Currently, TAO has surged by more than 16%, positioning it as one of the top performers among the top 100 cryptocurrencies based on market capitalization, as reported by CoinMarketCap.
The trading volume has also seen a significant boost, rising by 77%, indicating strong investor interest and potential for further expansion. The recent price movements of Bittensor underscore this upward trend, with notable gains seen in the TAO/USDT trading pair.
Breaking out of a widening descending wedge pattern, TAO has witnessed a remarkable increase of over 108%, reinforcing its optimistic trajectory.
Given the current market conditions, there is speculation that TAO could aim for the $800 threshold if the broader crypto market sustains its positive performance throughout the final quarter of the year.
Prior to any potential uptrend, a minor correction might be anticipated, emphasizing the importance of identifying a secure entry point just below the current price range.
Accumulation by Savvy Investors
One of the pivotal drivers behind the expected climb of TAO to $800 is the remarkable accumulation by astute investors. TAO has emerged as the most accumulated token by Smart Money investors over the past week.
This accumulation has surpassed other assets such as Solana [SOL], asserting TAO’s dominance in the accumulation rankings, surpassing well-known projects like Maker [MKR] and Render [RNDR].
This heightened interest from key investors signifies a belief in TAO’s potential, particularly in a market where AI-focused coins are outperforming other cryptocurrency segments.
TAO’s prominent position in the AI coin realm, coupled with the escalating interest from Smart Money players, further bolsters the case for a target price of $800 being within reach if market conditions remain favorable.
Global Long Positions Percentage
Moreover, the global percentage of long positions for TAO, which had seen a decline previously, is now displaying signs of recovery. More traders are opting for long positions, reflecting an increasing confidence in the asset’s upward trajectory.
This surge in long positions aligns with the optimistic outlook surrounding TAO, especially as AI-related coins continue to outshine the broader crypto market.
Historically, the fourth quarter of the year has been favorable for the cryptocurrency industry, and if this pattern holds, TAO might be well-positioned to benefit from it. Nevertheless, the volatile and unpredictable nature of the crypto market should always be considered.
Bittensor (TAO) is demonstrating robust momentum, driven by Smart Money accumulation and a resurgence in long positions. Should these trends persist, TAO could potentially cross the $800 mark, making it a cryptocurrency of interest as the year approaches its conclusion.