- TAO is up 90.09% in the past week, surpassing other AI coins.
- Bitternsor rises to a 5-month high.
Throughout the year, AI coins have seen exponential growth. This growth was mainly driven by the increased adoption of AI.
Amid these favorable market conditions Bit tensor [TAO] has emerged as a leader. Over the past year, TAO has charted a price growth of 1020.9%. The month of September was particularly good for TAO as the AI coin rose by 65.52%.
At the time of writing, Bittensor was trading as high as $567.12. This represented an increase of 90.09% compared to the previous week.
Bittensor outperforms other AI coins
Other AI coins have seen modest increases compared to TAO. While Bittensor price is up 90% on the weekly charts, Near Protocol [NEAR] rose by only 19.94%.
At the same time, there is the Artificial Superintelligence Alliance [FET] increased by 28.41%. Furthermore, Render has made significant gains, up 23.2%. Finally injective [INJ] has increased by 20%.
This shows that while the AI coin markets have seen greater adoption, TAO has seen the most gains.
What now?
According to AMBCrypto’s analysis, Bitternsor is experiencing strong upward momentum. Since the breakout of the wedge uptrend, it has risen 40.33%. Therefore, prevailing market conditions position TAO for further gains on the price charts.
Source: Coinglass
For example, open interest on Bitternsor futures rose from $61.5 million to $114.06 million. This increase shows that investors are opening new positions, indicating that crypto is growing and more capital is flowing.
The recent price increase was accompanied by higher signals and strong bullish sentiment.
Source: Coinglass
In addition, the liquidation of short positions has reached a record high. At the time of writing, TAO’s liquidation of short positions was at an annual high of $1.45 million. Similarly, liquidation of long positions over the past week has hit a record low of $139,000 at the time of writing.
This shows positive market sentiment as those who bet against the market are forced out of their positions. While long position holders are showing confidence in the future price movement of the altcoin.
Source: Tradingview
Is your portfolio green? View the TAO Profit Calculator
Simply put, TAO is experiencing strong upside amid increased positive market sentiment. Therefore, if current market conditions persist, the altcoin will break out of the $586 resistance level.
A breakout from this level will push Bittensor to $645.
Credit : ambcrypto.com
