Bittensor is Predicted to Drop to $455.37 By Feb 11, 2024

Disclaimer: This is not investment advice. The information provided is for general purposes only. No information, materials, services and other content provided on this page constitute a solicitation, recommendation, endorsement, or any financial, investment, or other advice. Seek independent professional consultation in the form of legal, financial, and fiscal advice before making any investment decision.

• Bittensor is up 13.47% today against the US Dollar
• TAO/BTC increased by 14.96% today
• TAO/ETH increased by 13.56% today
• Bittensor is currently trading 9.61% above our prediction on Feb 11, 2024
• Bittensor gained 113.65% in the last month and is up 399.69% since 1 year ago

TAO price is expected to drop by -8.32% in the next 5 days according to our Bittensor price prediction

Bittensor price today is trading at $ 499.13 after gaining 13.47% in the last 24 hours. The coin outperformed the cryptocurrency market, as the total crypto market cap increased by 15.40% in the same time period. TAO performed well against BTC today and recorded a 14.96% gain against the world’s largest cryptocurrency.

According to our Bittensor price prediction, TAO is expected to reach a price of $ 455.37 by Feb 11, 2024. This would represent a -8.32% price decrease for TAO in the next 5 days.

TAO Price Prediction Chart

Buy/Sell Bittensor

What has been going on with Bittensor in the last 30 days

Bittensor has been displaying a positive trend recently, as the coin gained 113.65% in the last 30-days. The medium-term trend for Bittensor has been bullish, with TAO increasing by 276.09% in the last 3 months. The long-term picture for Bittensor has been positive, as TAO is currently displaying a 399.69% 1-year price change. On this day last year, TAO was trading at $ 99.89.

Bittensor reached its all-time high price on Feb 06, 2024, when the price of TAO peaked at $ 518.48. The current TAO cycle high is $ 511.62, while the cycle low is at $ 492.17. TAO has been displaying high volatility recently – the 1-month volatility of the coin is at 27.18. Bittensor recorded 16 green days in the last 30 days.

Bittensor technical analysis for today – Feb 06, 2024

The sentiment in the Bittensor markets is currently Bullish, and the Fear & Greed index is reading Greed. The most important support levels to watch are $ 427.84, $ 406.70 and $ 395.62, while $ 460.06, $ 471.15 and $ 492.28 are the key resistance levels.

Bullish sentiment for Bittensor

21 indicators are currently signaling a bullish prediction for Bittensor, while 5 indicators are showing a bearish forecast. With 81% of indicators favoring a positive prediction. This results in an overall Bullish sentiment for Bittensor.

Crypto market is currently experiencing Greed

Currently, the Fear & Greed index is at 64 (Greed), which signals that investors have a positive outlook on the market. The Fear & Greed index is a measure of sentiment among cryptocurrency investors. A “Greed” reading suggests that investors are currently optimistic about the cryptocurrency market, but can also be an indication that the market is overvalued. A “Fear” reading, on the other hand, signals that investors are currently hesitant about the cryptocurrency market, which potentially represents a buying opportunity.

Bittensor moving averages & oscillators

Let’s take a look at what some of the most important technical indicators are signaling. We’ll be going through key moving averages and oscillators that will allow us to get a better idea of how Bittensor is positioned in the market right now.

The Relative Strength Index (RSI 14) is a widely used indicator that helps inform investors whether an asset is currently overbought or oversold. The RSI 14 for Bittensor is at 69.42, suggesting that TAO is currently neutral.

The 50-day Simple Moving Average (SMA 50) takes into account the closing price of Bittensor over the last 50 days. Currently, Bittensor is trading below the SMA 50 trendline, which is a bearish signal.

Meanwhile, the 200-day Simple Moving Average (SMA 200) is a long-term trendline that’s calculated by taking an average of the TAO closing price for the last 200 days. TAO is now trading below the SMA 200, signaling that the market is currently bearish.

The bottom line about this Bittensor prediction

After considering the above factors, we can conclude that the current forecast for Bittensor price prediction is Bullish. TAO would have to decrease by -8.32% to hit our $ 455.37 target within the next five days. Moving forward, it will be important to monitor the TAO market sentiment, the key support and resistance levels, and other metrics. However, we have to keep in mind that the cryptocurrency markets are unpredictable, and even the largest crypto assets display a lot of price volatility. For long-term Bittensor price predictions click here.

Disclaimer: This is not investment advice. The information provided is for general purposes only. No information, materials, services and other content provided on this page constitute a solicitation, recommendation, endorsement, or any financial, investment, or other advice. Seek independent professional consultation in the form of legal, financial, and fiscal advice before making any investment decision.