Bittensor (TAO) Rises 10% Daily as Bulls Eye Further Breakout

The cryptocurrency market registered a slight rebound over the past 24 hours, with Bittensor (TAO) being the best performer (at least among the top 100 club) today.

Market experts expect the bullish momentum to continue, projecting more substantial gains in the near future.

TAO Jumps High

Earlier on March 24, the cryptocurrency’s price pumped to almost $320, the highest point in the past four months. It later lost some steam and currently trades at around $310, representing a 10% daily increase.

TAO Price, Source: CoinGecko

TAO’s market capitalization has surged to $3 billion, making it the 35th-largest digital asset and flipping World Liberty Financial (WLFI), a token directly related to Donald Trump and his family.

The renowned analyst Ali Martinez claimed that Bittensor’s native cryptocurrency might be on the verge of breaking out of a “right-angled descending broadening wedge,” which could be a precursor to a major rally to $580.

Other analysts also made optimistic predictions, albeit setting lower targets than Martinez. Crypto Tony believes a $310 reclaim could lead to a spike to at least $350, whereas Rendoshi expects a pump to $400 in the short term.

Last week, TAO experienced another double-digit daily gain after NVIDIA CEO Jensen Huang and the well-known entrepreneur Chamath Palihapitiya highlighted Bittensor’s potential. Their discussion caught the eye of many analysts, including Andrew Crypto and Altcoin Sherpa. The former envisioned a volatile climb toward $500 later this year, while the latter thinks the shout-out from NVIDIA’s boss may have solidified the asset as a solid investment.

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Correction on the Way?

TAO’s price has rallied by almost 75% over the past month, but that impressive upswing coincides with interesting investor activity typically associated with pre-sale positioning. Specifically, exchange inflows have surpassed outflows on most days in March. While this doesn’t guarantee a price pullback, it definitely increases immediate selling pressure.

TAO Exchange Netflow, Source: CoinGlass

The next worrying factor is TAO’s Relative Strength Index. The technical analysis tool measures the speed and magnitude of the latest price changes and indicates when a possible reversal might occur.

It ranges from 0 to 100, with readings above 70 signaling that the valuation has increased too much in a short period, suggesting it might be due for correction. Conversely, ratios below 30 reflect oversold conditions and a potential rebound. Currently, TAO’s RSI stands at approximately 70.

TAO RSI, Source: RSI Hunter

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