![In a single day, the value of Bittensor [TAO] surged by 11.42%, reaching a trading price of...](/en/img/20250613144418_image-description-headline.jpeg)
Bittensor (TAO) on a Bull Run: Here's the Scoop
AI-powered cryptocurrency Bittensor [TAO] surges with 11% daily increase – Seeking $500 price mark?
In the wild world of crypto, Bittensor (TAO) is a force to be reckoned with, especially in the AI and big data sector. As of now, TAO is trading between $410 and $420, making it a hot ticket in the market.
Recently, TAO broke free from its slumber, soaring an impressive 11.42% in a day, setting its price at $431.57, according to the latest figures. This leap has cemented TAO as the leader among its peers.
Walking side by side, Internet Protocol (ICP) and Near Protocol (NEAR) also made gains with ICP up by 10.21% and NEAR inching up by 6.7%. Meanwhile, Render (RNDR) and Artificial Superintelligence Alliance [FET] saw modest increases of 4.19% and 1.74% respectively, while Filecoin (FIL) bounced back with a 4.67% hike. Last but not least, Injective (INJ) added 3.95%.
Is TAO's bullish streak about to continue?
As TAO burst through its ceiling, breaking the $429.3 barrier, it could be a sign of a new trend taking shape. The MACD line surged to 10.7, crossing above the signal line at 5.0, with the histogram reading 5.7, all pointing to a strong positive momentum. Moreover, the Chaikin Money Flow stood at 0.30, indicating that capital continues to flow into the market, reinforcing TAO's bullish vibes.
If the bulls are in charge, TAO might journey to its next significant resistance target of $500. But, if it can't sustain prices above its upper channel trendline at $400, a slide back below $400 could happen. On the flip side, if price plummets below the $400 mark, supports at $373 and $349 could be the next stop, potentially leading to further declines in the market.
Longs dominate shorts in TAO landscape
Interestingly, a substantial number of long positions with 50x leverage were in TAO's arsenal between $417 and $430. However, a dip below $410 brings out the 25x longs between $410 and $422, with 10x longs lurking between $405 and $415. On the other hand, the $440 mark and above is filled with shorts that use 5x and 10x leverage.
This means that a price drop to $417 could trigger a significant number of long position liquidations, leading to a sharp fall, while a move above $435 could see short sellers bailing out quickly, causing a massive rally as more traders scramble to exit.
So, buckle up crypto fanatics and keep a close eye on TAO's wild ride in the AI and big data sector!
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