Bittensor (TAO) Down After Network Attack: Crypto Analysis for July 4, 2024

While Bittensor’s price has been under selling pressure for several months, TAO’s price continues to plummet following a vulnerability exploited on its network. Let’s take a look at the future outlook for the Crypto AI price.

Bittensor Situation (TAO)

After reaching an all-time high of $760, TAO price faced selling pressure, pushing its value back down to the $240 area. This pressure was fueled by the decline in the crypto market as a whole. Recently, Bittensor suffered an attack on its network, naturally causing FUD on the TAO price. As a result, the cryptocurrency continued its decline, falling below $230. All of these fluctuations have therefore resulted in a drop of more than 70%.

At the time of writing, Bittensor is trading around $220. This price level seems to be a strong daily support for the crypto. Thus, renewed interest is desired to safeguard the latter. Bittensor’s trend still seems bullish in line with Dow Theory. However, the crypto is now below its 50-day and 200-day moving averages. This naturally casts doubt on Bittensor’s current trend. On the momentum side, it is not surprising that it is revised downwards as demonstrated by the crypto’s price. This obviously does not support the buying camp. However, we can see that the oscillators seem to be stabilizing, suggesting a declining selling force and offering a glimmer of hope for an upcoming capitulation.

The current technical analysis was carried out in collaboration with Elie FT, a passionate investor and trader in the cryptocurrency market. Now a trainer at Family Tradinga community of thousands of self-employed traders active since 2017. You will find Lives, educational content and mutual assistance around the financial markets in a professional and friendly atmosphere.

Assumptions for the Bittensor (TAO) course

• If Bittensor price holds above $190, we could anticipate a continuation of the uptrend to $300. If this level is crossed, the next upside target could be the $350 threshold, or even $450. Higher up, we can note $550. At this point, this would represent an increase of more than 146%.

• If Bittensor price fails to hold above $190, we could see a pullback towards $160. If the bearish move continues, the next possible support level would be around $130. At this level, the decline would represent around 42%.

Conclusion

The TAO price has been under significant selling pressure following various events, leading to a notable decrease in its value. Currently, the price is stabilizing around an important support level. Thus, the challenge is to stay above it so as not to cause further pessimism about the future of the AI ​​crypto price. It will therefore be essential to closely monitor the price reaction to key levels to confirm or deny current assumptions. It is also important to remain vigilant against potential market “fake outs” and “squeezes” in each scenario. Finally, let us remember that these analyses are based solely on technical criteria and that the price of cryptocurrencies can also change rapidly depending on other more fundamental factors.