BitTensor [TAO], a leading AI coin, is gaining significant traction in the cryptocurrency market as web3 continues to evolve on blockchain technology.
Web3 continues to evolve on blockchain technology, and AI coins are gaining significant traction in the cryptocurrency market.
Among the top 50 coins by market cap, TAO is emerging as the clear frontrunner with over 12% gains in the last 24 hours, according to CoinMarketCap.
This strong performance is likely influenced by major companies like Nvidia (NASDAQ:NVDA) posting better-than-expected earnings and collectively impacting the market with their outlook on AI.
As Nvidia plays a significant role in the AI industry, its performance and outlook are closely followed by crypto enthusiasts, especially regarding AI coins.
After a period of consolidation and several attempts to break through key price levels, BitTensor (TAO) price action spiked to around $440 on the Kucoin Exchange.
However, TAO/USDT faced immediate selling pressure at that level, suggesting strong resistance to further price increases.
This creates a significant resistance zone moving forward. Typically, wicks are viewed as gaps that markets tend to fill, meaning BitTensor needs to climb higher to fill this gap.
Whether TAO/USDT will rally to fill this gap remains uncertain, as the price rejection could indicate that sellers still hold control.
However, TAO did briefly wick above $356, where there’s liquidity due to equal highs at this level.
Moreover, the bullish close of the August 5th candle, a hammer with a long tail, suggests increasing buying pressure.
As TAO/USDT continues to consolidate, albeit within a range, it's marked by higher lows, which is typically a bullish signal.
The Chaikin Money Flow, currently negative, hints at a possible reversal that could drive TAO’s price higher.
Additionally, the Relative Strength Index (RSI) on the 14-day moving average has also flipped bullish, further supporting the case for potential gains in the near future.
Open interest for BitTensor across popular exchanges is nearing its all-time high, currently totaling $68.88 million at a TAO price of $322, according to data from Coinglass.
Binance leads the pack with $29M in TAO open interest, followed by Bybit at $18.6M. Bitget and BingX follow with $13.19 million and $5.54 million, respectively.
Other exchanges like Coinbase, Kraken, HTX, and CoinEx show notable, but lower, open interest.
This strong open interest is a bullish sign for TAO. Now could be a good time to accumulate TAO tokens.
Finally, examining the liquidation heatmap, several liquidation levels suggest potential price movements.
There’s a significant cluster of $482.17K in liquidation leverage above the $366 price level, likely held by traders who are bearish on BitTensor following its rejection.
Below $280, there’s $1.11 million in liquidation leverage, and another $1.92M is resting below $275.
If TAO’s price captures liquidity above its current level, it could boost bullish activity and push TAO/USDT higher.
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