Bittensor (TAO) Price surged sharply on March 23, posting one of the strongest performances in the digital asset market. The TAO jumped 17% in 24 hours to trade around $317.
The weekly gains were about 15%, and the monthly gains were as high as 80%. The rally placed TAO in one of the highest-performing cryptocurrencies in the present market rebound.
The positive price movement in key tokens was also encouraged by the broader crypto market stability. Bitcoin trading was at the highs of over $71,000, and Ethereum rallied over $2,100.
Other major holdings such as XRP, Solana, and Dogecoin recorded significant rebound with TAO following geopolitical de-escalation.
The meme coin sector added further support to improving market sentiment this week. Total meme market capitalization reached $33.6 billion, reflecting steady daily expansion. The top meme coins, such as Dogecoin, Shiba Inu, and Pepe, advanced, reinforcing risk appetite among retail traders.
Bittensor Price Rallies After a Tweet From Jason Calacanis
The most recent outbreak was preceded by a viral social media post by an investor Jason Calacanis. He posted an image with text $TAO > $BTC, which caused a controversy and sparked a revival in crypto circles.
Soon after the post circulated, Bittensor climbed above $305 and recorded a new year-to-date high. The move was seen by traders as an appreciation of bullish momentum.
Interest in institutional form is still accruing around the model of a decentralized artificial intelligence infrastructure by Bittensor. A staked exchange-traded product launched on Nasdaq Stockholm increased regulated access for investors.
Meanwhile, Grayscale’s Bittensor Trust traded at a meaningful premium to its underlying net asset value.
Further momentum came with remarks associated with Nvidia CEO Jensen Huang in one of their technology talks. His comments were considered an indirect verification of decentralized AI development by the participants of the market.
The limit of the supply that Bittensor can generate is 21 million tokens, referring to the structure of scarcity of Bitcoin. Planned events of halving after every four years strengthen supply discipline and positioning over the long-term.
Will TAO Price Rally To $350 This Week?
The latest TAO price climbed to $316.1 during Tuesday’s early trading session, extending its strong upward momentum on the four-hour chart.
The $300 level has now transitioned into immediate support after being reclaimed during the latest breakout move.
On the positive side, the market is showing resistance at the levels of around $320 after several attempts at rejection had occurred. A sustainable breakout of over $320 may be a boost on gains towards the next significant resistance at $350 as per Long-term TAO projection.
Source: TAO/USDT 4-hour chart: TradingviewTechnical factors are pointing to the strengthening of bullish movement in shorter durations. The MACD is at a positive position and its distance between the MACD and the signal lines is becoming larger.
The Chaikin Money Flow also stands above the neutral level which implies steady inflows of capital. Nonetheless, the TAO price may be corrected to the support level at $280 due to the failure to defend the current levels.
Open Interest Jumps 53% as Bittensor Holds Momentum
Bittensor Price eyes bullish momentum as derivatives data signals shifting trader sentiment. Open interest has also increased by 53% since March 22, and the trading volume has increased by 128% to $2.05 billion.
Source: TAO O/I and Funding Rate: SantimentThe rates of funding have become negative at -0.002, indicating the prospects of consolidation or further decline. The direction of the market is hesitant.
Source: https://coingape.com/markets/bittensor-tao-price-soars-80-mom-outperforming-bitcoin-is-it-a-good-time-to-buy/
