Join our Telegram channel to stay up to date on breaking news coverage
The price of Bittensor abandonment more than 1% in the last 24 hours to trade at $446.78 at 9:40 am EST, as investors take profits after the altcoin's recent surge.
Bittensor Price Soared to New All-Time High After Vitalik Buterin Mention
Previously, the token hit a new all-time high after ethereum co-founder Vitalik Buterin mentioned TAO in an article focused on the promises and challenges of integrating ai and blockchain technology.
“The whole point of using crypto incentives to improve ai is that it can be done without requiring excessive effort, such as using cryptography to fully encrypt ai,” he said. “Bitensor falls into this category.”
Bittensor price forms a bullish price channel
4-hour chart for TAO/USDT (Source: TradingView)
He Request Sort The price has formed a positive price channel after recording a series of higher highs and higher lows over the past few days. This bullish momentum saw the altcoin surpass the $435 resistance level in the past few hours. If the cryptocurrency establishes a position above this important price, it could continue to rise in the coming days.
This bullish thesis may be invalidated if Bittensor price falls below the $435 mark in the next 24 hours. In this alternative scenario, the altcoin could fall to the next support level of $375 in the next 48 hours. Continued selling pressure at this point may drag TAO to a low of $320 in the near term.
Technicians Suggest TAO Could Correct Soon
The technical indicators on the TAO 4-hour chart are currently showing bearishness. Both the Moving Average Convergence Divergence (MACD) indicator and the Relative Strength Index (RSI) suggest that Bittensor price could correct in the next 48 hours.
The RSI line is falling towards its simple moving average (SMA) line. This is generally considered a sign that buyers are losing some of their strength to sellers. A crossover between these two lines could be indicative that the bears are regaining the advantage against the bulls. Sellers can then use the advantage to reduce the TAO value.
TAO is still in a short-term bullish cycle, as indicated by the MACD line placed above the MACD signal line. However, the gap between these two technical indicators is narrowing, which could be an early sign of an upcoming bearish trend reversal.
While the Request Sort Price attempts to consolidate a position above $435, analysts are focusing their attention on bitcoin Minetrix and its potential to generate 10x earnings.
bitcoin mining in the cloud is easy
bitcoin Minetrix is an innovative bitcoin cloud mining platform that aims to lower the barrier to entry and lower startup costs for anyone looking to get started with cloud mining. Through its stake-to-earn model, investors can start earning a passive reward paid in btc simply by staking the project's BTCMTX token.
BTCMTX sells for $0.0132 and can be purchased on the bitcoin Minetrix website using Tether (USDT), ether (eth) or bank card. Investors will want to hurry as the price of the token will rise in less than 5 days.
Investors are betting big on bitcoin Minetrix
Great announcement! #BitcoinMinetrix has reached a phenomenal milestone, raising over $10,000,000! pic.twitter.com/toEsT1NvWv
—Bitcoinminetrix (@bitcoinminetrix) January 31, 2024
bitcoin Minetrix has attracted considerable attention from investors as its pre-sale surpasses the $10 million mark. Investors are likely taking advantage of the ability to earn btc, which has recently entered mainstream financial markets through the launch of spot bitcoin ETFs (exchange-traded funds) in the US.
This wave of institutional capital could boost the price of the leading cryptocurrency in the medium term. In parallel to this, the upcoming halving event will make it more difficult for retail investors to get their hands on new btc as mining rewards are scheduled to be halved in April.
The reduction in mining rewards will increase the scarcity of btc, which will subsequently increase the price of the cryptocurrency. bitcoin derivatives projects, such as bitcoin Minetrix, are perfectly positioned to benefit from this, as investors will likely look for the next best project that can still give them exposure to btc.
BTCMTX can be purchased here.
Related Posts:
- Audited by Coinsult
- Secure and decentralized cloud mining
- Earn free bitcoin daily
- Native Token on Pre-Sale Now – BTCMTX
- Staking Rewards: Over 100% APY
Join our Telegram channel to stay up to date on breaking news coverage
