Is It Too Late to Buy Bittensor? TAO Price Spikes 17% as TG Casino Goes Viral – Next Big Thing?
With the AI crypto narrative back on the menu, market appetite for AI tokens is growing insatiable, and Bittensor has emerged as a favorite after TAO price spiked +17%.
The pump comes in the midst of a return to bullish Spring market sentiment, with the rising time of the AI narrative once again sweeping through charts, in a move reminiscent of major pumps for FET and AGIX.
Decentralized AI is the future $TAO to $1000 pic.twitter.com/xhqFowKh8Y
— Johnny (@CryptoGodJohn) December 1, 2023
Traders are turning hyper bullish on the huge breakout rally, with some even suggesting TAO could climb as high as $1000 from here, yet, with TAO token now pushing into the three figure price range, could a healthy retracement move be on its way?
As Bittensor battles to solidify support following a new all-time high for the second time in two weeks, TAO is currently trading at a market price of $282 (representing a 24-hour change of -2.36%).
This comes as double-bottomed structure emerges following two rejections from resistance at $307, providing bullish posture to the TAO price breakout to a new all-time high at $310.
With a higher high established on the chart, and a lower low emerging from an extremely well-defended localized retracement, TAO price appears poised to shift into price exploration as the breakout trading channel stands strong.
In addition to the impressive technical structure, TAO price action continues to find reassurance from the ascendant support of the 20DMA, which is currently standing at $228 – bolstering a localized lower support level at $230.
Meanwhile, the 200DMA (sat at $79) remains gradually ascendant; reflecting the growing momentum as the Bittensor breakout snowballs.
Yet, despite the double-bottomed retracement,
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