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Information about Bittensor (TAO)
Bittensor is a P2P machine learning protocol that incentivizes participants to train and operate machine learning models in a distributed manner. Bittensor is a decentralized network that’s designed to connect machine learning models, rather than computers or servers.
Bittensor uses a unique blockchain architecture designed to facilitate a decentralized machine learning protocol. Bittensor employs a Proof of Stake (PoS) consensus mechanism, which is different from the Proof of Work (PoW) mechanism used by networks like Bitcoin. In PoS, validators are chosen to create new blocks and confirm transactions based on the number of tokens they hold and are willing to “stake” as collateral.
TAO is a native coin of the Bittensor ecosystem, operating on Bittensor, and can be used to:
Specifications
News
Bittensor (TAO) is indicating early signs of recovery with key indicators showing a potential price bounce. The RSI shows it moving out of oversold territory, similar to a previous rally where the price increased by 60%. This serves as a promising sign for future price increases.
For TAO to confirm a bullish trend, it needs to break above 298 USD. Achieving this target may lead the price up to 351 USD. Conversely, if it fails to maintain a level above 265 USD, the price may decline to 229 USD, indicating a potential downturn.
Bittensor [TAO] has seen a considerable drop of 46% since February, initially valued at 500 USD. The current bearish trend could lead to a fall to 216 USD. However, despite this, indications suggest a potential price bounce might occur between 250 USD and 260 USD if it manages to hold.
Key market indicators hint at a substantial liquidity zone around 300 USD, with the Awesome Oscillator showing strong selling momentum. Traders might find opportunities after a retest of the 250 USD to 260 USD range, keeping a close watch on Bitcoin’s price movement.
Bittensor (TAO) experienced a 17% price increase after Coinbase announced its listing. The ‘Coinbase Effect’ remains a significant factor, boosting interest in newly listed tokens. Despite challenges in the AI market, TAO is regaining its bullish trend.
Market sentiment around TAO has strengthened recently, particularly following Elon Musk’s interest in OpenAI, positively impacting AI tokens. Coinbase plans to start TAO trading on February 20, 2025, depending on liquidity, suggesting potential further growth.
TAO’s breakout from a descending wedge indicates strong bullish sentiment. Key resistance levels at 455 USD and 562 USD are crucial for its growth as market activity suggests investor confidence.
Currently trading at 428.93 USD after a 10.56% increase in 24 hours, TAO benefits from rising Open Interest and active development. Stakeholders are optimistic about future price trends and maintaining this momentum.
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