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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 targeting 240 USD but has recently experienced a price drop from 470 USD to 180 USD, reflecting bearish control over the market.
The Chaikin Money Flow suggests bulls might gain traction, yet due to market volatility, traders are advised to stay cautious and watch for potential reversals in the near future.
Bittensor’s subnet tokens saw a remarkable surge, transitioning from a market cap of 4,000,000 USD to over 200,000,000 USD in just two months. This growth reflects a strong interest amidst market fluctuations.
In the past year, the number of active subnets has tripled, indicating growing decentralized AI learning capabilities and positioning Bittensor as a leading player in the cryptoasset market.
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.
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