TAO recorded over 12% gains past 24 hours, making it the top-performing coin among the top 50 by market cap but can the trend continue?
Open interests approaching the all-time high., a leading AI coin, is gaining significant traction in the cryptocurrency market as web3 continues to evolve on blockchain technology.
This has sparked a bullish sentiment toward AI coins, as Nvidia plays a significant role in the AI industry.In the past 24 hours as at press time, TAO’s price spiked to $440 on Kucoin Exchange but faced immediate rejection, suggesting strong selling pressure at that level. Whether TAO/USDT will rally to fill this gap remains uncertain, as the price rejection could indicate that sellers still hold control. However, TAO briefly wicked above $356, where there’s liquidity due to equal highs at this level.Additionally, the bullish close of the August 5th candle, a hammer with a long tail, suggests increasing buying pressure.
The Relative Strength Index on the 14-day moving average has also flipped bullish, further supporting the case for potential gains in the near future.The open interest for BitTensor across popular exchanges is nearing its all-time high, with a current total of $68.88 million at a price of $322 as of press time.
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