Recently, Altcoin Sherpa, a prominent analyst on the X platform, provided a technical analysis of Bittensor (TAO). According to Sherpa, a short-term bottom was observed around $330, aligning with the 0.618 Fibonacci retracement level and the 200-day Exponential Moving Average (EMA). Despite this, Sherpa suggests that investors might still find an entry point in the mid-$300 range if they remain patient.
The trading volume for Bittensor has been moderate, with no significant spikes. This indicates a lack of strong buying or selling pressure at the moment. Moderate volume levels can suggest market indecision, where neither buyers nor sellers are dominating the market. This scenario often precedes significant price movements, making it a key factor to monitor.
Bittensor’s recent price increase and overall market performance are noteworthy. The price movements align with Sherpa’s technical analysis, highlighting the importance of the 0.618 Fibonacci retracement level and the 200-day EMA in determining support and resistance.
The token emissions mentioned by Sherpa could play a significant role in future price dynamics. Token emissions refer to the release of additional tokens into circulation, which can impact the token’s price by affecting its supply.
Bittensor (TAO) has been experiencing notable price fluctuations recently. As of today, the price of Bittensor stands at $443.51, with a 24-hour trading volume of $65,793,064.76. This marks a substantial 20% increase over the last 24 hours and a 29.4% rise in the past week. With a circulating supply of 6.8 million TAO tokens, Bittensor’s market capitalization has reached $2,961,884,858.
On the technical front, the TAO/USDT pair on Binance has surged above the 200-period EMA on the 1-hour chart, signaling a bullish trend. Rising volume and larger green candlesticks confirm the strong upward momentum in the shorter term.
