Bittensor TAO :
I’m going to go a little tense, or to because I’ve been holding a position in TAO, since about October last year, and I’ve been evaluating my portfolio and trying to see if it’s worth it to keep holding on, and I’ve come to a conclusion that I want to share with you.
So let’s go Bittensor is an artificial intelligence cryptocurrency project and right now it is ranked number 43 in the global market capitalization, with a market capitalization of A2 1.9 billion coming from the fed ago, ICP ago and close.
But realistically, the main AI coin in front right now, in the market cap is Fett and render, is very close behind it, and to have turned around in the market cap several times, over the last year or so, especially this year in 2024.
Now Tao is basically an AI powerhouse, this has been one of my main AI pieces, for this cycle took the entry last year at the end of 2023, and it is still a staple in my portfolio.
But with the current downtrend in altcoins, and really the altcoin purge that we are seeing at the moment in mid-cycle, I have evaluated my portfolio, and I am trying to see if it is worth holding this coin or can I get better returns elsewhere, without exposing myself to too much risk.
And the conclusion that I have come to, is that Tao is if not the best, but one of the best AI coins in its category in the entire crypto market.
So a lot of things are in store for this project, and they are exploiting all possible kinds of AI, it will be accessible completely decentralized open- coming from bit 10 sortal, and their artificial neural network, which is being built right now, and if you are not actively building on the network, it doesn’t matter because you can actually delegate your tow or stake your tow to a validator, and you can win a nice prize per APR as you can see for the delegation, it is about 16 and a half% currently here, you can see that the current staking apy is 16.77%, and if you vote a validator, say 18.43%.
Now, there have been a lot of problems with tao in terms of weight copying, and trying to get their subnets to work properly, because if you run a subnet, you get rewarded, that’s the incentive to help the network grow.
There are some problems with the weight copers, as you can see, they have actively corrected this, and as they have actively solved this problem, a lot of things are starting to make sense to me, and I am really starting to become even more optimistic than in the past.
So let’s go ahead and jump right into the chart, I want to go over what I see with the price action okay in terms of the fundamentals, they are very strong, they are almost as strong as they come, there is a reason why this is the fourth AI coin, in the market capitalization currently.
But if we come out near a PEAK, it’s really number two behind the fed, and it’s not that far at all, it can turn it around in a day if we get green candles.
Now looking at the weekly period, it has been in a downtrend, for a number of weeks, now from the high to the low 154 days basically 5 months of time, and it has fallen as low as 78.5% to the low, it is currently down 6 to 4%, compared to the peak it reached in March, at the very moment of the Nvidia GTC conference, which was the peak of every AI coin in the market, and from that moment they all retraced 60 70 80 some even 90 % agree.
So in terms of price performance, over the past five months it is on par with the general altcoin market, that the Nvidia GTC conference back earlier in the year in March, was the local top for AI coins, so it is no different there, there is nothing wrong with it right now, because it has fallen by 78%, compared to the all-time high, it is actually doing better than many other AI coins, smaller capitalization.
And I think it will also have a very good recovery, so let’s take action, this price action on the weekly period that I just want to review some blocks of orders, I see demand areas if you are looking for discounted prices to recharge, that’s where I would be looking.
We had this big flush, August 5th that Monday, and to reach a low of $163 there is a demand level highlighted in green, on my chart and that was the previous bottom several times, before the price was below there on August 5th.
So realistically, I would look from 215 Tao to 192, for my first level, if I wanted to get a discount from the current price, there is no guarantee that we will fall to these levels, but I think there is a good chance that we are not out of the woods yet, in terms of Bitcoin coming back above.
Let’s say 60k enters its previous range, then it has to recover 682k to attack the absolute record, I’m not sure that this will happen for now in August, I’m leaning towards later in the second half of September.
So there could be more pain, for the altcoin market, which basically means reduced prices, and a reduced value if you are looking to recharge your positions, or even to start new positions in general.
So again the first buy level for tao, which I see is from 2115 to 163 below that we have one at 146 up to $120,120 is also the high quote candle on mexc traditionally speaking, this is usually a very good support level if it is tested ok, if we go down to the $120 level, I really don’t see the price going below there, if it goes below there, I think it will be extremely short-lived, and redeemed in the future hour above the price level of 120.
There is nothing at the moment, that will push to outperform the global market as it did here from October until March okay, it was an altcoin leader, during this period and at the moment, there is no major catalyst to make it become an altcoin leader again okay, so it’s really subject to the whims of Bitcoin currently, it is currently sitting in the annual opening price, from 2024 to 266.
And also the quarterly opening price is also at $270 well, so these levels are currently acting as a magnet for the current price, a lot of chops and falls between 300, to say the $220 level, I like to call this non-directional volatility price varies by a few decent percentage moves in both directions, but it’s really not going anywhere, it’s going sideways right now.
So it is a non-directional volatility and again, you see a decline towards the 220 area to less than 200, this is a good value, especially where I see that ta is doing well, so on the smallest delays it is quite obvious, what must happen here in the same way that bitcoin at the 60k level, must recover the tao level is at 330.
It was a key support before the Pro price was retested, then reduced to 163 during August 5, so what we need to see for, is a recovery of 330 and also as you can see over the daily period, this is where some key moving averages are the 200 EMAS, and the 100 simple moving averages once he can put them back into support, we can move forward, and we are officially in a new uptrend period again.
Essentially when we can analyze these levels, make a high above 366, and get back into this price action, so that will be the first step, for ta to start recovering its lost ground, and get back to where it was, and when that happens in the future, I will be sure to inform you of what I see unfolding, if we get another pullback or we go ahead and attack the all-time record.
It was just a kind of general analysis of the upper period, for what I see in the charts of value areas to look for, and also key claims to look for, to signal that we are again in an uptrend again at the moment.
The movements are subject to the movements of Bitcoin, but this will change again when the liquidity returns to the market, regarding my price prediction for Tao, it really has not changed by a very conservative price target, for this cycle the first bullish cycle, of tao is a 10x of the current price, around a market capitalization of $ 22 billion, which would be $3,000 per tow.
I think it is very feasible, and it is prudent for me, it is on the bottom of the price targets okay 22 billion, we have seen other coins other the layers of the previous cycles, go to 80 90 100 billion.
So again, it’s pretty conservative with the fundamentals of this project, what they’re building.
Conclusion :
I also see that the salana or the cardano of this cycle is the shiny new Layer 1 Ai, and I really expect it to surpass, so my minimum price forecast is 3,000, and I will share with you some of my higher price forecasts later, but few clues.
I think the five-fig tow, is definitely achievable and it’s something I’m looking for later in this cycle.
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