- Bittensor’s TAO price increased by more than 7% today.
- TAO has been facing extreme price fluctuations for the past few months.
Bittensor native token TAO is witnessing a price surge of over 7% today amidst extreme price volatility. After losing its critical support at $430 in Jan, the token is now trading above the $380 price zone. Whether Bittesor surfs through the current market swings and withstands its price surge is the big challenge.
TAO token price is trading at $387.89 at press time with a 7.55% rise in the last 24 hours. Its 24-hour trading volume increased by 30%, leading to a market cap of $3.18 billion. While its 24-hour low is $345.4, its 24-hour high is $391.3, slightly below the $400 mark. The $50 difference between these values reflects the price volatility of the Bittensor token.
Can TAO Withstand the Market Fluctuations?
Even though the TAO token is rising in the last 24 hours, its present price levels are far below from its all-time high of $757.60. It lost its crucial support zone of over $400 last month and has been trading downward since then. After losing it, the token witnessed a monthly dip of more than 10%.
The dull performance across the broader crypto market has further fueled Bittensor’s downtrend for the past few weeks. While Bitcoin is struggling to stay afloat the $100,000 mark, altcoins are also facing bear pressure. The global macroeconomic conditions are impacting the crypto market, which in turn causing TAO price to plunge deeper.
Whether Bittensor will regain its previous highs, continuing the present surge, or will plunge deep remains uncertain for now. Keeping the broader crypto market conditions, Bittensor might drop in the next few weeks, breaking the present uptrend. However, numerous cryptocurrencies are performing well even under uncertain market conditions. So, investors must watch the TAO price closely before making a call on its investment.
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