{"id":435532,"date":"2024-10-22T21:30:47","date_gmt":"2024-10-22T16:00:47","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=435532"},"modified":"2024-10-22T14:53:53","modified_gmt":"2024-10-22T09:23:53","slug":"bittensor-shorts-in-trouble-will-the-500-level-trigger-a-tao-bounce","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/bittensor-shorts-in-trouble-will-the-500-level-trigger-a-tao-bounce\/","title":{"rendered":"Bittensor shorts in trouble: Will the $500 level trigger a TAO bounce?"},"content":{"rendered":"<ul>\n<li><em>Bittensor has seen a 20% increase this month.<\/em><\/li>\n<li><em>Traders have been anticipating a bounce from the $500 zone.<\/em><\/li>\n<\/ul>\n<p><a href=\"https:\/\/ambcrypto.com\/predictions\/bittensor-price-prediction\" target=\"_blank\" rel=\"noopener\">Bittensor [TAO]<\/a> has gained significant attention as one of the top AI coins poised for long-term growth.<\/p>\n<p>Despite a 10% decline over the past week, the token has seen a 20% increase this month, indicating a bullish outlook over longer timeframes.<\/p>\n<p>TAO recently broke out of an inverted head and shoulders pattern, piercing past the $600 level, but has since entered a consolidation phase.<\/p>\n<h2><strong>Exit of shorts to trigger a bounce<\/strong><\/h2>\n<p>Many traders mistakenly believed this signaled the end of the bullish trend, although no clear structural break had occurred on higher timeframes.<\/p>\n<p>This led to a large number of short positions entering the market, expecting further price declines. However, TAO&#8217;s has price surged after this pattern, trapping these shorts.<\/p>\n<p>The price has since returned to their breakeven level, which often serves as a psychological zone where trapped traders look to exit. This could lead to a potential bounce if more shorts exit their positions.<\/p>\n<figure id=\"attachment_435544\" aria-describedby=\"caption-attachment-435544\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/GaauI1rboAACKdI.png\"><img decoding=\"async\" class=\"wp-image-435544 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/GaauI1rboAACKdI.png\" alt=\"TAO\" width=\"2560\" height=\"1462\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/GaauI1rboAACKdI.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/GaauI1rboAACKdI-300x171.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/GaauI1rboAACKdI-1024x585.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/GaauI1rboAACKdI-768x438.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/GaauI1rboAACKdI-1536x877.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/GaauI1rboAACKdI-2048x1169.png 2048w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/GaauI1rboAACKdI-1200x685.png 1200w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption id=\"caption-attachment-435544\" class=\"wp-caption-text\">Source: Hyblock Capital<\/figcaption><\/figure>\n<p>At press time, TAO was trading around $560, below this psychological level. A further decline toward the $500 zone may trigger a rebound towards $600 and higher, provided market conditions improve.<\/p>\n<p>After a recent correction, TAO seemed to be in vertical accumulation, indicating the possibility of a potential bounce on the 45-minute timeframe. The token&#8217;s pullback to the $500 range is seen as a short-term buying opportunity.<\/p>\n<p>A strong bullish convergence on the 4-hour chart suggested a price pump was likely, with a minimum target of $800 by 2025.<\/p>\n<figure id=\"attachment_435546\" aria-describedby=\"caption-attachment-435546\" style=\"width: 1386px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/GaeJr7PW4AA_O8_.jpg\"><img decoding=\"async\" class=\"wp-image-435546 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/GaeJr7PW4AA_O8_.jpg\" alt=\"\" width=\"1386\" height=\"760\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/GaeJr7PW4AA_O8_.jpg 1386w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/GaeJr7PW4AA_O8_-300x165.jpg 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/GaeJr7PW4AA_O8_-1024x562.jpg 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/GaeJr7PW4AA_O8_-768x421.jpg 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/GaeJr7PW4AA_O8_-1200x658.jpg 1200w\" sizes=\"(max-width: 1386px) 100vw, 1386px\" \/><\/a><figcaption id=\"caption-attachment-435546\" class=\"wp-caption-text\">Source: TradingView<\/figcaption><\/figure>\n<p>However, traders are cautious, as the MACD indicator showed some weakness, meaning if TAO loses support, prices could briefly dip below $500 again.<\/p>\n<h2><strong>TAO among top AI projects<\/strong><\/h2>\n<p>Bittensor&#8217;s long-term outlook remains positive, but traders should keep a close eye on key levels for potential gains.<\/p>\n<p>Despite the recent pullback, TAO remains one of the top projects in the AI ecosystem, further supporting its bullish potential.<\/p>\n<p>The token ranks among the top 5 AI and Big Data projects by development, alongside other prominent players like <a href=\"https:\/\/ambcrypto.com\/predictions\/near-price-prediction\" target=\"_blank\" rel=\"noopener\">Near Protocol [NEAR]<\/a>, <a href=\"https:\/\/ambcrypto.com\/predictions\/oasis-network-price-prediction\" target=\"_blank\" rel=\"noopener\">Oasis [ROSE]<\/a>, and <a href=\"https:\/\/ambcrypto.com\/predictions\/the-graph-price-prediction\" target=\"_blank\" rel=\"noopener\">The Graph [GRT]<\/a>.<\/p>\n<figure id=\"attachment_435545\" aria-describedby=\"caption-attachment-435545\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/GabghyWXYAAbHum-scaled.jpg\"><img decoding=\"async\" class=\"wp-image-435545 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/GabghyWXYAAbHum-scaled.jpg\" alt=\"TAO\" width=\"2560\" height=\"1433\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/GabghyWXYAAbHum-scaled.jpg 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/GabghyWXYAAbHum-300x168.jpg 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/GabghyWXYAAbHum-1024x573.jpg 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/GabghyWXYAAbHum-768x430.jpg 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/GabghyWXYAAbHum-1536x860.jpg 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/GabghyWXYAAbHum-2048x1146.jpg 2048w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/GabghyWXYAAbHum-1200x672.jpg 1200w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption id=\"caption-attachment-435545\" class=\"wp-caption-text\">Source: Santiment<\/figcaption><\/figure>\n<hr \/>\n<p style=\"text-align: center;\">Read <a href=\"https:\/\/ambcrypto.com\/predictions\/bittensor-price-prediction\">Bittensor&#8217;s [TAO] Price Prediction<\/a> 2024\u20132025<\/p>\n<hr \/>\n<p>Bittensor\u2019s inclusion in this list highlights its strong position in the market, making it well-positioned to bounce back from the $500 level.<\/p>\n<p>Traders should keep an eye on key price levels and market developments, as Bittensor is likely to experience further gains in the coming months.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bittensor shows bullish potential despite short-term correction, targeting higher prices.<\/p>\n","protected":false},"author":98,"featured_media":435498,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[31,66,3,4,20],"tags":[6437],"class_list":["post-435532","post","type-post","status-publish","format-standard","has-post-thumbnail","category-altcoins-news","category-new-news","category-news","category-social","category-trading-view","tag-ambcyrpto"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Bittensor shorts in trouble: Will the $500 level trigger a TAO bounce? 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