Decentralized AI project Bittensor rose to the top of the weekly gainers list, riding a rally in Nvidia stocks.
Bittensor (TAO) topped the charts this week as the biggest gainer among the top 100 cryptocurrencies with a strong price surge of 31%. At the time of writing, TAO is ranked 41st by market cap at over $2.51 billion, with its price up 8.87% in the last 24 hours, trading at $313.59.
TAO’s recent surge can be attributed to a 13.5% surge in Nvidia Corp. stock, which closed at $119.08 on September 13. That surge pushed Nvidia’s market cap to $2.92 trillion, According to To MarketWatch.
With Nvidia shares up 140.5% so far this year, that momentum has lifted TAO and other AI-focused cryptocurrencies, pushing the market cap of AI-focused cryptocurrencies up 0.8% in the last 24 hours. The total market cap of AI tokens now stands at $23.9 billion, according to CoinGecko.
AI tokens typically move in tandem with Nvidia stock. On September 4, tokens like Artificial Superintelligence Alliance (FET) and Render (RNDR) saw double-digit losses following a 9.5% drop in Nvidia stock. In February, these tokens surged after Nvidia’s strong Q4 2023 earnings, and similar buzz has been building ahead of its Q2 2024 report.
TAO is ready for takeoff.
The 1-day TAO/USD price chart from September 14th is indicating a strong uptrend, indicating a potential upward move.
The moving average convergence divergence has crossed its signal line, showing longer green bars on the chart, both signs are positive for bullish momentum.
Moreover, the RSI is currently standing at 59, indicating that the asset is in a healthy trading zone, but still far from overbought levels.
This provides room for potential growth without immediate fears of a pullback due to overvaluation, painting a bullish outlook for the token’s price trajectory in the short term, with further gains expected in the near term.
Market watchers at X are showing similar bullish sentiments. According to Analyst Marco Polo says that TAO stock is currently trading between $268 and $357. He expects a strong rally once TAO stock crosses $357.
Meanwhile, analyst Ramon shares a similar bullish outlook but identifies a slightly higher key resistance around the $400 level.
Ramon expects TAO to reach the $3,000 to $5,000 range from this high, depending on the liquidity exit from Bitcoin and the strength of the overall AI narrative, which has been further supported by recent developments such as Apple advertisement From its generative AI at the iPhone 16 event.