The TAO price has dropped by 4.5% in the past 24 hours, slipping to $434.98 after reaching an all-time high of $479 yesterday.
Despite this fall, TAO remains on a strong upswing in the medium-term, up by 27% in a week and by 62% in the last 30 days, as interest in decentralized AI platforms continues.
Yet today’s slip raises the possibility that it may have begun a correction, and could be in line for further falls in the next few weeks.
This means that traders may be better off looking at alternatives for big gains in the time being, with Meme Kombat (MK) raising $7.8 million in its presale as it readies itself to list.
Is It Too Late to Buy Bittensor? TAO Price Keeps Rising
It looks like TAO is experiencing a predictable correction after setting a record high last night, with its indicators all beginning to cool off.
Its RSI (purple), for instance, is dipping hard after reaching 80 yesterday, with plenty of space to fall further before there’s any risk of overselling.
Source: TradingView
TAO’s 30-day average (yellow) is also showing signs of slowing down, although it remains much higher than its 200-day average (blue), suggesting that the coin remains within an expansionary phase.
Accordingly, the token’s trading volume remains high relative to previous levels, at around $25 million compared to $3 million at the start of last month.
Based on such factors, it’s reasonable to conclude that TAO will return to growth after a comparatively brief correction.
Its price is well above its support level (green), which is very likely to resist any severe drop.
Since I bought $TAO about a year ago I thought it had a shot at going to something like 50B+ market cap at the top of the cycle.
I’ve just noticed it’s made another ATH. Still no major CEX listing.
Decentralized AI is such a simple idea and narrative for this bull run.
— Aylo (@alpha_pls) January 29, 2024
What’s particularly bullish about TAO is that it hasn’t been listed by any of the really big exchanges, such as Coinbase, Binance or Kraken.
Yet it’s now the 33rd biggest cryptocurrency in the world by market cap, with its rise founded largely upon the promise of a decentralized machine learning network.
However, even its whitepaper doesn’t make it entirely clear how such a network will work or how it will attract real-world use, even if AI is becoming an increasingly more prominent part of the global economy.
As such, the TAO price may continue to rise strongly in the medium-term, helped by any bull market that may follow from the next Bitcoin halving (due around April).
But its longer term success remains somewhat indeterminate, and will stem from whether it can convert its early hype into something real.
Rising as New Meme Coin Gains Popularity
Given TAO’s longer term question marks, as well as the fact that it’s currently a little too hot, some traders may aim to diversify into alternatives.
Fortunately, there’s a wide selection of promising new alts and presale tokens in the cryptocurrency market right now, with many looking like they could rally big soon.
Near the top of any list of hyped new tokens is Meme Kombat (MK), an ERC-20 coin that has raised $7.8 million in its successful presale.
We have successfully conquered the $7.8 million mark in the $MK presale
Congrats everyone! pic.twitter.com/NG0lZmNUZ9
— Meme Kombat (@Meme_Kombat) January 31, 2024
Not just a meme token, Meme Kombat is also a social gambling platform, on which users will be able to bet on the results of AI-generated battles between meme characters.
Because it uses AI to generate battles, results will be randomized and fair, with players able to bet against each other or against the platform itself.
Likewise, the use of blockchain and smart contracts will ensure full transparency, with winnings paid automatically.
Another bullish feature is that holders will be able to stake MK tokens, earning themselves a passive income in the process.
This could take plenty of MK tokens out of circulation, and combined with demand for the token in order to place bets, its price could rise strongly over time.
Our Telegram community has grown to over 9000 memebers
We are a strong community and only getting stronger each day! pic.twitter.com/MqOeiQyAra
— Meme Kombat (@Meme_Kombat) February 1, 2024
Its presale will end once it raises $10 million, with investors still able to join by visiting the official Meme Kombat website.
Combined with its strong online following, the project’s interesting premise could make it hit when it launches in the next few weeks.
The post Is It Too Late to Buy Bittensor? TAO Price Keeps Rising as New Meme Coin Gains Popularity appeared first on Cryptonews.