Is Bittensor Going to Crash? TAO Price Plummets as New Meme Coin Steals the Limelight – What Does it Do?
Growing AI crypto project Bittensor token has tumbled -17% in the past 24 hours. With TAO holders in panic, many are now asking, ‘Is Bittensor going to crash?’ – explore this TAO price analysis to find out.
This article will provide an analysis of TAO’s current price trends and look to see whether a newer meme coin, Meme Kombat, represents a more promising investment opportunity at this time.
The drop in TAO price comes at a time of substantial growth across the Bittensor ecosystem, with the downside price move likely triggered by a recoil from Bittensor’s impressive milestone of $500m total value-locked (hit earlier this week).
— 2025Maxi (@QNT2025MAXI) February 8, 2024
TAO traders have identified a major sell move by a large Bittensor whale as the source of the dumping price move, yet, despite the downside risk, sentiment for TAO token remains strong with prominent members of the TAO hodl community suggesting price will recover on the short-time frame.
TAO Price Analysis: Can Bittensor Token Price Recover From Sudden -17% Price Dump or Is Bittensor Going to Crash?
As the dust settles from the violent downside move, Bittensor token is currently trading at a market price of $443 (representing a 24-hour change of -1.43%).
Downside movement has dominated the TAO chart for 48-hours now, following a rejection from upside resistance around a local high of $521.
Now in retracement, TAO’s bullish technical structure remains intact, with the retracement move offering the opportunity for bulls to form a double-bottomed support pattern above $415.
This could leave TAO price action poised for a bullish swing to the upside on the short-time frame – an outcome made more likely by the persistent lower support offered by the 20DMA (now sat at $377.5).
Aggressive ascendance on the 20DMA further assures holders that TAO price will be pushing up soon, although, this meets with some conflict from the RSI indicator which continues to display a bearish overbought signal at 63.3.
This suggests that a retracement move needs to go deeper for longer, however, the MACD contrasts this in a reflection of bullish momentum at 3.9.
Overall, TAO price analysis highlights Bittensor token’s bullish technical structure and sustained rally momentum, despite the retracement move struggling to cool off the RSI.
To the upside, TAO is left targeting a higher support level at $481 (a potential +9.8%).
While downside risk could see TAO price tumble down to lower support at $395 (a possible -10.4%).
TAO price analysis therefore reveals a current Bittensor risk: reward ratio of 0.87 – a terrible entry on the short-time frame – that could indicate a further need for retracement.
But while Bittensor isn’t going to crash, the unappealing entry point on the short-time frame is driving investors towards superior alternative Meme Kombat, which has unlocked viral growth at presale stage.
Meme Kombat Explodes Over $8.38M Raised In Skyrocketing Presale – Don’t Miss Out on TAO Price Analysis Alternative
Meet Meme Kombat, a trailblazing initiative that has seamlessly blended the memetic love of nostalgic gaming, and GambleFi, into a decentralized Web3 platform.
So, what makes Meme Kombat tick, and why should potential investors keep a keen eye on this presale?
The essence of Meme Kombat lies in its captivating arena where characters aiming to tap into deeply tribal crypto communities lock horns.
ONLY 1.7m to go! pic.twitter.com/OxpaUSVqxg
— Meme Kombat (@Meme_Kombat) February 6, 2024
Players have the liberty to place their bets on these animated battles, predicting the outcomes and possibly reaping attractive rewards.
Season 1 of the project promises 11 unique meme characters, ensuring plenty of action. Season 2 is already planned for December 2023. The project’s decentralized nature, along with the excitement of AI-driven battles, guarantees outcomes that are transparent yet unpredictable.
Meme Kombat Pits Meme Communities in High Octane Staking Battles – Just $1.7m Left To Go At Presale
The project goes beyond excitement; it’s founded on trust. Meme Kombat’s dedication to transparency shows in their upcoming smart contract security audit.
The findings of this audit will soon be public, a move that many projects shy away from.
The founder and project lead, Matt Whiteman, isn’t an unknown entity in the crypto space.
His role as COO of North Technologies, and two decades in process design add credibility to Meme Kombat. Whiteman’s public profile and the Amsterdam address give extra trust in an era of project anonymity.
Embrace the future of meme-based gaming and betting with Meme Kombat.
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