In the past 24 hours, Bittensor token has experienced a significant drop of -17%. This sudden downfall has left TAO holders in a state of panic, raising questions about the future of the project. The recent price analysis of TAO aims to shed light on whether Bittensor is on the verge of crashing.
Despite the negative price movement, it is important to note that this drop comes at a time of substantial growth for the Bittensor ecosystem. Just earlier this week, the project achieved a milestone of $500 million total value-locked. However, a large Bittensor whale unloading TAO tokens has sparked the recent sell-off. Nevertheless, many members of the TAO hodl community remain optimistic about the price recovery in the short term.
At the time of writing, TAO token is trading at $443, indicating a 24-hour change of -1.43%. The TAO chart has been dominated by downside movement for the past 48 hours, with a rejection from upside resistance at $521. Despite the retracement, the bullish technical structure of TAO remains intact, presenting an opportunity for the formation of a double-bottomed support pattern above $415. This could potentially lead to a bullish swing in the short term.
The 20DMA (20-day moving average) acts as a reliable support level at $377.5 and provides further assurance to TAO holders of an upcoming price increase. However, the RSI (Relative Strength Index) indicator contradicts this optimism by displaying a bearish overbought signal at 63.3. This suggests the need for a deeper and longer retracement. On the other hand, the MACD (Moving Average Convergence Divergence) indicator reflects bullish momentum at 3.9.
Considering these technical indicators, TAO price analysis points towards a higher support level at $481, representing a potential increase of 9.8%. Conversely, there is a downside risk where TAO price could drop to a lower support level at $395, resulting in a possible decrease of 10.4%. This risk-reward ratio of 0.87 on the short-term frame is considered unappealing, potentially indicating the need for further retracement.
While Bittensor is not expected to crash, the unattractive entry point in the short term has diverted investors’ attention towards a more promising investment opportunity – Meme Kombat. This newly emerged meme coin has gained significant traction due to its unique concept and viral growth during the presale stage.
Meme Kombat is a decentralized Web3 platform that combines nostalgic gaming and GambleFi in a captivating arena where characters from different crypto communities battle against each other. Players have the option to place bets on these animated battles, predicting the outcomes and potentially earning attractive rewards. The project promises 11 unique meme characters for its first season, with plans for a second season already in place for December 2023.
The project’s transparency and dedication to security are evident through their upcoming smart contract security audit, which will be made public. This commitment to transparency sets Meme Kombat apart from many other projects in the crypto space. Additionally, the project’s founder and project lead, Matt Whiteman, brings credibility to Meme Kombat with his experience as the COO of North Technologies and two decades of process design expertise. The public profile of Whiteman and the project’s Amsterdam address further instill trust in an industry rife with anonymity.
It is important to note that investing in cryptocurrencies, including TAO and Meme Kombat, carries a high level of risk. This article provides informational purposes only and should not be considered as investment advice. There is a possibility of losing all capital invested in cryptocurrencies.
The recent downfall of Bittensor token has raised concerns among TAO holders. However, the bullish technical structure and sustained rally momentum suggest a potential price recovery in the short term. Despite this, the unappealing risk-reward ratio has led investors to explore alternative investment opportunities, such as Meme Kombat, which offers a unique and exciting gaming and betting experience within the crypto space.
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