Bittensor (TAO) increased "constantly" 160% in September, holder unexpectedly made a profit

Bittensor (TAO) became one of the bright spots of the market in September when it recovered strongly by more than 160%. Many holder who were in a state of loss suddenly recovered Capital and made profits again in a short time.

Here are the latest TAO price predictions and reviews from BeInCrypto.

Also Read: FET, TAO prices increase 10% as Apple reveals AI features on iPhone 16

Many positive signals predict that the growth momentum will not end in 2024

After nearly 4 months of sideways trading between the $340 – $200 range, TAO broke out of this accumulation range in September. As a result, TAO confirmed many important technical signals, helping to predict that the price will continue to increase in the last quarter of the year.

• The first is a positive crossover between the EMA34 and EMA89 Medium of the Sonic R indicator. This is one of the “ golden crosses ” used by many professional traders. Historically, this crossover has initiated an uptrend since late 2023, and a negative crossover (the opposite) has successfully predicted a downtrend in 2024.
• TAO's daily RSI has crossed 80. This has only happened three times in the last two years. The previous two times, this signal suggested that TAO's price would continue to rise after a slight correction.
• CoinmarketCap said that TAO volume today (September 23) exceeded 300 million USD, up nearly 60% compared to the Medium. This volume pushed TAO price above 570 USD, establishing a 160% increase in September.

All the above signals show that the price momentum is still strong. It is predicted that in the coming days, the price of TAO may continue to increase to the resistance of 645 USD, corresponding to the fibonacci of 0.786, and may correct to the nearby support at 480 USD, corresponding to the fibonacci of 0.5. The correction may happen first, under the profit-taking pressure of many holder who are losing money and now making profit again.

Positive sentiment returns, boosting potential buying power

Data from Kaito shows that Bittensor (TAO) sentiment indicator is at its highest level since TAO was listed on the exchange. Not only is it high, but it has also increased dramatically, showing that the discussion surrounding this Altcoin is the most positive ever.

In addition to the Sentiment indicator, TAO’s social media dominance also spiked in September, as shown by the Mindshare indicator. This is a sign that TAO is attracting attention again. This could lead to new money flowing into TAO. Combining the Sentiment and Mindshare indicators, it can be said that TAO is not only mentioned a lot, but also mentioned in a “bullish” way.

According to BeInCrypto's observations, many TAO price predictions on the X network have emerged and predicted that TAO could hit a new high. This attention is believed to come from recent statements by presidential candidate Kamala Harris, when she said that she wants to encourage technologies such as AI and digital assets.

Also Read: Kamala Harris pledges to expand Crypto and AI in race for the White House

Join the BeInCrypto Community on Telegram to learn about technical analysis , discuss cryptocurrencies, and get answers to all your questions from our experts and professional traders.