- On Monday, Bittensor (TAO) price soared by over 5% on a daily chart, helping its value to soar from $298.07 to $314.46 with a market capitalization of $3.39 billion.
- In a month, the cryptocurrency has soared by around 80% thanks to the growing participation on the network and boom in the AI sector.
- According to the official data, TAO subnet staking soared by over 833,000% in the past year, and total staked TAO now reaches to $620 million.
On April 6, Bittensor (TAO) price kicked off the new week with a green candle on a daily chart and witnessed a spike of approximately 5% in the last 24 hours.
With the growing discussion around AI’s integration into the crypto sector, the TAO price is continuously following an upward trajectory. In the last 30 days, it has soared around 80%.
At present, Bittensor (TAO) price is revolving around $314.44 with a 4.89% spike on a daily chart, helping its price to soar from $298.07 to $314.46 with a market capitalization of $3.39 billion, according to CoinMarketCap. The daily trading volume also shot up by over 137% and currently revolves around $359 million.
Bittensor (TAO) Price Rises to $317 as Traders Watch Key $300 Support Level Closely
In the last 24 hours, Bittensor soared above $328 and faced a quick correction. The coin has performed better than the major cryptocurrencies, such as Bitcoin (BTC) or Ethereum (ETH), which are currently stuck in a consolidation zone without any major price momentum.
However, there are many major resistance and support levels to watch out for right now. There is a major support level at around $298, where buyers are expected to step in and stop the Bittensor from falling further. As long as TAO trades above $298 on any pullback, the major target sits at around the $330 resistance level.
(Source: CoinMarketCap Community)
If the Bittensor price soars above $330 after breaking it, then that upward movement could open the door toward the yearly high. However, the price is still far away from its all-time high at around $715.
On the flip side, if the cryptocurrency falls below the $300 level, there might be a catastrophic downward shift in the price. In that case, $285 will be the next major area where buyers may try to enter before any potential recovery starts. All in all, $300 is a major support level currently.
According to TradingView, the current setup looks constructive as long as $300 holds and might help to see the price make some gains.
The 14-day Relative Strength Index is currently sitting at around 63, which shows healthy buying pressure without reaching overbought conditions. The moving average convergence divergence line is showing positive crossover values that support upward momentum.
Currently, the TAO price holds above its 7-day simple moving average around $306, and traders watch the next resistance around $330. According to the on-chain data, volume surged during recent dips, which shows its accumulation by larger investors rather than panic selling.
Bittensor works as a decentralized peer-to-peer network that combines blockchain with artificial intelligence. The participants on the network contribute computing power, data, and models through subnets and receive TAO tokens as rewards for producing useful intelligence. The protocol creates open markets where anyone can offer or purchase machine learning services without relying on a single company.
According to the official data, TAO subnet staking increased by over 833,000% in the past year, and total staked TAO now increases to $620 million. The network supports more than 120 active subnets that work as specialized markets for machine learning tasks.
The token ranks among the top cryptocurrencies in the decentralized AI category, thanks to its staggering market capitalization of $3 billion. On-chain activity increased with higher daily interactions and cumulative transfers surpassing 2.5 million. Subnets such as Templar have shown major success by training models that score competitively on industry benchmarks like 67.1 on MMLU tests.
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