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The leading cryptocurrency is attempting new highs above $63,000, and the recovery in investor appetite has quickly reflected on altcoins. Some altcoins have seen gains exceeding 5%. An altcoin that many cryptocurrency investors are unaware of could rise to $367.5. What are the current predictions? What is the target in case of a potential drop?
Bittensor (TAO) Analysis
Decentralized finance, artificial intelligence, metaverse, and NFTs have created many categories preparing for the Web3 future or potential in crypto. Some of these will be successful, while others will fail. Bittensor (DAO) operates in the decentralized machine learning field. This is a highly technical area requiring a strong team. Of course, claims and targets are not everything.
On the technical front, there is a descending channel, which is a bearish signal. If the price consistently forms lower highs, a descending channel with boundaries at the dip and peak will form. The channel’s upper boundary is at $434, and the lower boundary is at $254.
The price increase in the last 24 hours has created potential for a new upward attempt for TAO Coin. At the time of writing, the price is at $276.
TAO Coin Predictions
The prevailing sentiment might disappoint those expecting a rise for TAO Coin, as it has reverted to April levels. This metric tracks the volume of mentions on social media and gives us the ratio of negative comments and opinions. For now, the general sentiment is negative. Fear, doubt, and caution seem to dominate investors.
With nearly a 20% increase in 24 hours, the trading volume has returned to $38 million. If the upward attempt fails, the price is expected to drop to $242.5. However, if the breakout point is retested and the uptrend continues, a new rise towards $367.59 could occur.
Here, BTC price performance will be decisive. Large transfers from Germany or the USA could be understood as a potential sell-off risk, triggering early exits from investors evaluating the dip. On the other hand, there is a growing perception that BTC, which has been lingering at the bottom for a long time, will return to $70,000.
