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The decentralized blockchain network Bittensor and its native token TAO have shown significant bullish momentum over the past month, consistently outperforming major cryptocurrencies like Bitcoin and Ethereum across all timeframes.
Designed for decentralized finance (DeFi) applications, TAO has crossed the $400 mark, gaining nearly 45% in the past month alone and a staggering 695% year-to-date.
Analysts are optimistic about the token’s future potential, especially since TAO hit an all-time high of $757 earlier this year. Many market experts believe that TAO could approach this price level again before the end of the year.
Bittensor Price Rise Keys
Altcoin technical analyst Miyagi commented on the recent price action, note Some believe that Bittensor has quickly surpassed the liquidity zones and is approaching a key target at $450. A short correction and some volatility are expected before the price continues its upward move towards $600.
Miyagi also highlights the impending “AI season,” which he believes will increase investor interest in TAO and drive further price increases. This optimism stems from Bittensor’s goal of developing a decentralized platform. Artificial Intelligence Production.
According to According to the official website of Bittensor, TAO is a decentralized currency that supports the production of artificial intelligence within subnetworks. These interconnected subnetworks facilitate profitable interactions, allowing different AI entities to share and enhance each other’s capabilities.
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Supporting this bullish outlook, analyst Drid Bongo emphasized the transformative impact of AI across various sectors, noting that the pace of change is accelerating rapidly.
analyst He is martyred We’ve seen a number of innovations from AI startups and established companies alike, including the recent launch of a $30 billion benchmark fund by asset manager and cryptocurrency exchange-traded fund issuer BlackRock and Microsoft aimed at boosting AI infrastructure.
Bongo believes that Artificial Intelligence SectorOne analyst predicts that AI in crypto could rival established categories like layer-one protocols, smart contracts, and stablecoins.
In this context, Bongo claims that TAO is well positioned to capture a significant share of the AI market, paving the way for potentially significant future gains.
Analysts Eye $1,000 Target for TAO
It is currently trading at $415, Tao The cryptocurrency has seen a surge of over 43% in the past seven days and a 10% increase in the past 24 hours. Despite this performance, the coin remains about 45% below its all-time high in April.
Crypto Pirates Market Analyst has male TAO recently came out of a 100-day consolidation period following a recent correction. After peaking, the coin experienced a sharp decline, losing over 80% of its value and falling to $163 during the broader market crash on August 5.
However, according to Crypto Pirates, this ongoing breakout could signal the beginning of a major bullish move for the TAO token.
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In addition to the bullish sentiment, analyst EyeofCyber said, Express He expressed confidence that TAO could hit the $1,000 mark as early as next week. He emphasized that Bittensor is at the forefront of decentralized learning, saying, “Everyone wants $TAO.”
Despite this optimism, market behavior often includes corrections after strong price increases. Pullbacks may occur in the coming days, making it necessary for TAO stock to maintain lower support levels to maintain the current uptrend and achieve further price gains.
Featured image by DALL-E, chart by TradingView.com