- Research on the bitter’s results shows that access has a strong chance to see additional market gains.
- Market actors are starting to buy more TAO after positive developments that are highlighted in research.
Bittensor (tao) Up 2.34% over the past 24 hours, reflecting a new market interest from the recent reading. This mild uptick came shortly after new research emphasized the growth potential of the asset.
Of course, if the current course holds, it can increase TAO’s impressive 48% each monthly increase and its 23% profit in the last 30 days.
Research shows that TAO remains an outperformer
A study Through Funstrat on Tao’s results, the asset has exceeded large market assets and has more growth potential in the future.
A performance comparison between Bitcoin (BTC) and Ethereum (ETH)– Two leading assets in the crypto market – since March 2023 shows that Tao’s performance remained strong.
While Bitcoin received 195%, Bittensor had won 169%, a 26%difference. A comparison with Ethereum shows that TAO steps 167%, while Ethereum saw an increase of 2% over the past two years.
Interestingly, there has been remarkable assumption of TAO of grayscale institutional investors and throughout the market.
AThrough the report, the number of users on the market has increased by 200,000 within this period, an increase that has affected its price increase.
Among AI symbols in the crypto market, TAO continues to dominate before Render (Render)The Near the Protocol (Near)and Artificial superintelligence alliance (fat)with a collective profit of 140%.
The market reacts positively
Of course, the market has responded with strong purchasing activity.
At the time of writing, Coinglass Netflow, which traces the accumulation, showed that over the past 24 hours there has been more purchasing activity. Traders have bought the token of $ 3.11 million from the market.
Source: Coinglass
Similarly, the purchase volume in the derivative market remains high, with a 1,0105 reading indicated by the long-to-card ratio.
When this relationship is above 1, it indicates that there has been more purchases than selling in the derivative markets.
If the purchase activity continues to grow, it may mean that Tao’s price will continue to rise and potentially reach new heights for the year.
To determine how far the TAO rally could analyze Ambcrypto its price on the chart to identify the next level of asset.
Using the Fibonacci Retracement level, the bitter can potentially rally at a high of $ 697.7, the top of the line marked.
Source: Tradingview
That being said, Tao is facing resistance forward. Three key levels – $ 370.2, $ 425.2 and $ 495.3 – can slowly its ascent. At each obstacle, the price could consolidate or withdraw slightly before any fresh leg upwards.
But with momentum building and investors’ feeling that leans Hausse, a continued rally seems likely to be in the coming days, especially if accumulation maintains its current pace.
