Bittensor Surges 21% Amid $10M Digital Currency Group Investment
Bittensor (TAO) Surge Amid Market Selloff
- Bittensor (TAO) rallied 21% to $397 on October 10, despite a market selloff with Bitcoin and Ethereum experiencing declines.
- Digital Currency Group (DCG), led by Barry Silbert, invested $10 million in Bittensor through Yuma Asset Management, focusing on AI projects within Bittensor's network.
- Grayscale launched the Grayscale Bittensor Trust in July, accumulating $10.8 million in assets, highlighting corporate interest in Bittensor.
Technical Analysis and Price Forecast
- Bittensor confirmed a breakout from a falling wedge pattern, indicating a potential bullish reversal.
- The daily RSI rose to 64.8, suggesting renewed buying interest, while the MACD indicator shows bullish momentum.
- If TAO closes above $380, it may reach $450, aligning with previous resistance levels.
- Failure to maintain above $345 could lead to a correction toward $315.
Outlook
- Institutional inflows, increased trading volumes, and focus on decentralized AI projects support a bullish outlook for Bittensor.
- Potential near-term target is $480, amid cautious broader market sentiment.