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

While Bittensor’s price has been under significant selling pressure, TAO has bounced back and recorded a 70% performance. Let’s take a look at the future outlook for the Crypto AI price.

Bittensor Situation (TAO)

After recording a drop of more than 70% as announced in the July 4 analysis, TAO was able to bounce back on its support identified at $190. The bullish hypothesis was therefore realized when this level was reached. Bittensor reached $270 before continuing its rebound over the next seven days. Unfortunately, it was when it came into contact with $360 that the cryptocurrency lost strength. Thus, this price level seems to act as resistance. Namely: this increase was fueled by the overall performance of the crypto market as well as by the news around Grayscale and its new fund dedicated to decentralized AI including the crypto project.

At the time of writing, Bittensor's price is trading around $330. These latest bullish fluctuations have allowed TAO to rise above the identified value zone near $280. ​​However, this has not yet truly countered the short-term bearish structure of the cryptocurrency. Fortunately, we can be reassured by the medium-long term structure of the crypto, which, for its part, seems to remain bullish, although the 50 and 200 moving averages could cast doubt by forming a death cross. In terms of the crypto's dynamics, it is not surprising that the latter has rebounded as demonstrated by its oscillators as well as its price itself. Naturally, the continuation of this would be appreciated in order to dispel pessimism around the future of the AI ​​crypto's price.

TAO/USDT chart in daily time frame

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 $230, we could anticipate a breakout of $360. If this level is crossed, the next bullish target could be the $380 threshold, or even $400. Further up, we can note the resistance of $450 or even $490. At this point, this would represent an increase of more than 47%.
  • If Bittensor price fails to hold above $230, we could see a pullback towards $190. If the bearish move continues, the next possible support level would be around $160. At this level, the decline would represent approximately 51%.

Conclusion

After a significant decline, TAO has bounced back, confirming the bullish hypothesis on its support. Bittensor has shown a strong recovery. Thus, the medium and long-term structure remains positive, although some technical indications may raise doubts about its continuation. The continuation of this trend must be supported in order to dispel concerns about its future. Therefore, it will 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 evolve rapidly depending on other more fundamental factors.

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