- The TAO crypto is currently trading at above $280, marking a significant uptick.
- This hike is driven by a major shift in investor sentiment, where traders are flocking to AI tokens.
- The next target of Bittensor is $320.
TAO, the AI-driven cryptocurrency, is now showing signs of life after months of consolidation. The Bittensor price recently surged past $285, coming up against its 200-day EMA at $268. As the token has soared past this key level, it has the potential to make a sustained rally.
This sudden and unexpected rally comes in response to increasing demand from traders. In March, the trading volume has largely increased, suggesting accumulation rather than selling pressure.
With strong support between $160 and $200 holding firm, traders are now eying a potential breakout. The next target, as projected by analysts, is $320. For many, this makes TAO the major token to watch in the coming days.
TAO Eyes Next Major Level in This Cycle
The TAO AI token is showing significant strength this week despite the broader crypto market downturn. The token is now valued at $284.42, with a notable uptick of 3.34% in a day. Despite a 2.4% decline over the past week, the AI crypto has surged by a massive 57% over the past month.
The 24-hour trading volume has surged by about 25%, reaching $409 million. This indicates that traders are showing renewed interest in the Bittensor token, driven by the hype surrounding AI.
This uptrend is particularly noteworthy considering the current crypto market crash. While the broader market is struggling amid ongoing geopolitical tensions, the TAO token is defying the trend.
Why is TAO Up Today?
The major reason for the TAO price rally today is AI rotation, as cited by CryptoNewsZ. Reportedly, investors are rotating money into the AI and Layer 2 sector, where Bittensor is a leading project. Essentially, traders are looking for high-growth crypto themes beyond Bitcoin. This is where TAO is benefiting.
Specifically, TAO caught the attention of Friday, when Chamath Palihapitiya highlighted the project’s recent achievement in decentralized AI. He explained that TAO successfully trained a 4-billion-parameter LLaMA model using contributions from many people’s excess computing power. His words read, “They managed to train a 4 billion parameter LLaMA model, totally distributed, with a bunch of people contributing excess compute.”
Explaining about the coexistence of decentralized and proprietary models, he added, “These two things are not A or B; it’s A and B. There’s no question about it.”
Other factors have also added fuel to the Bittensor rally. TAO has been moving in tandem with Bitcoin, which is now up by 2%. This gives an overall positive sentiment.
Social sentiment also remains bullish. Community discussions are focused on Bittensor’s subnet ecosystem, including updates from AutoppiaAI.
What Is Next for Bittensor?
In a recent X post, analyst CyrilXBT shared his optimistic thoughts on the TAO price. According to him, TAO is standing out among crypto charts this week.
The token has surged past the critical $268 point, which marks its 200-day EMA. This level has not been touched for months. As now, the level has been broken, a more powerful rally is expected, stated the analyst.
He added that if the AI crypto manages to hold above these levels, the next target is $320. Now, crypto traders and investors are watching closely to see if this level could be attained.
