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Bittensor (TAO), which is currently making waves in the cryptocurrency space, is showing impressive year-over-year growth. The current explosion in AI adoption has led to increased interest in cryptocurrencies, and Bittensor is clearly leading the way in this regard.
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TAO price has seen an incredible 1,000% surge over the past year. The digital asset has seen a solid 65% surge this month. Looking ahead, CoinCodex is predicting a whopping 243% price surge, possibly reaching $1,827 by October 23, 2024, raising hopes among investors.
Currently, Bittensor is trading at $525, slightly below the vital $530 level. This is a sign of good market sentiment, as it indicates a sustained 81% rally over the past week. Given the strong technical indicators and a positive outlook for the coming months, traders are eager to see how far TAO could go.
Strong market dynamics
Currently, Bittensor is riding a strong bullish wave. The price has increased by 40% after a recent wedge breakout, which has allowed the asset to make further gains.
Open interest on Bittensor futures contracts has increased from $61 million to $114 million, showing that investors are taking notice. This increase means that more investors are opening new positions, which means money is flowing into TAO.
Moreover, the recent price rally has been accompanied by increased bullish signals. With short liquidation reaching a yearly high of $1.45 million, those betting against the market are being pushed to exit their positions.
Long position liquidations have been rather minimal, just $139,000 in the past week. This trend shows growing confidence among investors as they consider the future course of Bittensor’s price.
Positive mood and price projections
This optimism regarding Bittensor is expected to continue. Moreover, according to CoinCodex, it will lead to an increase of up to 240%, as the figures could reach $1,827 on October 23, 2024.
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The Fear and Greed Index remained at 50, and technical indicators are close to neutral. Such a signal indicates that investors in the market remain positive about the prospects of further gains of the cryptocurrency in the future.
With 16 of its 30 trading days showing in the green over the last 30 days, Bittensor has a success rate of 53%. Coupled with a price volatility of 17.69%, this result suggests a healthy market condition.
Bittensor: Strong Market Signals
Bittensor is well positioned in the AI coin space. Its phenomenal price rally and strong market signals give traders hope about its prospects.
Therefore, the booming open interest, high liquidation rate on short positions, and positive projections for the price indicate that Bittensor could record decent profits in the coming months.
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