The Bittensor TAO token has also shown an upward trend within a day, rising by 16.28% to a trading value of $537.55. The level of TAO has surged much higher due to increased confidence amongst novices and frequent demand for the stock, with the trading volume having risen by 122.29% to $363 million.
It is also worth mentioning that Bittensor has experienced significant fluctuations in its price; the asset was around $540 after it reached $575 earlier during the day. Specifically, in the most recent days, the price has displayed a consolidating pattern, strengthening the possibility of a breakout.
This phase in consolidation is usually accompanied by a ‘tight range.’ Thus, the bulls could be set to swing in Bittensor in the following sessions.
Market Cap Just Under $4 Billion
Bittensor’s market capitalization is less than $4 billion. At the time of writing this article, with a circulating supply of about 7.38 million TAO, the token’s fully diluted market capitalization was over $11 billion. This highlights its massive potential for valuation, especially given its impressive performances in the past few days.
$TAO market cap at just under $4B … simply criminal and an easy 10X from here at the cycle top pic.twitter.com/wnkOCiGzgs
— Satoshi Flipper (@SatoshiFlipper) September 23, 2024
The rise to a billion dollars in market cap also fits within a narrative of broader market adoption of projects like Bittensor, which promises novel solutions in the more expansive blockchain space. Traders and analysts have paid attention to the token’s performance.
They are confident that the current value of these tokens means there is still more significantly bullish potential in the token. An analyst echoed this perspective in a recent tweet, pointing out that Bittensor’s market cap is “simply criminal and an easy 10X from here at the cycle top.”
As for such optimistic expectations, such positive outlooks and values give confidence in the long-term investment asset.
Bittensor Technical Analysis
The price of Bittensor has formed higher highs and higher lows, which means persistent demand. Analyzing the hourly chart, we can adjudicate it as a consolidation phase. The BTC/USD price has fluctuated within the $540-$560 zone. This range-bound movement indicates a period of high volatility among traders before a breakout occurs.
1 hour TAO/USDT Chart | Source: TradingView
The volume oscillator is now -30.67%, suggesting that the buying volume has slightly pulled back from recent extremes. However, this volume decline does not indicate a bearish reversal. Still, some traders may break from the ceaseless speculative posting of their paper wealth.
Levels at $520 are crucial in this case and should serve as a support zone in case of a temporary retreat. Resistance is observed near $560 on the flipping side, a level that may open the door to further gains if this week’s candle closes below.
Breaching further above the $560 level may cause a bullish run that, in turn, pushes the prices up. On the other hand, failure to sustain a price above $520 could pull the price back lower, but the general trend remains bullish. This fact, paired with its rapidly increasing market cap to nearly $4 billion and a 16% gain in the past 24 hours, indicates the current investors’ trust in Bittensor.