Bittensor (TAO) Takes Lead as Kamala Harris Endorsement Boosts AI Tokens
Here's Why AI Tokens Are Surging | Credit: Hameem Sarwar
Key Takeaways
- AI crypto coins have been the best-performing category since August.
- Bittensor (TAO) is rapidly approaching its all-time high price of $730.
- Will TAO lead the charge for AI tokens in the upcoming bull run?
Even though Bittensor (TAO) fell 80% after its all-time high, it began to recover on Aug. 5, creating a long lower wick. It showed more strength by creating a higher low in September. The movement has become parabolic in the last seven days.
How long will the TAO increase continue, and will it lead to a new all-time high price?
AI Tokens Surge
At a Wall Street fundraiser on Sept. 22, Vice President and Democratic presidential nominee Kamala Harris announced she would encourage innovative technologies like AI and digital assets, while protecting consumers and investors.
This was her first public mention of cryptocurrencies. Interestingly, she raised $27 million in the fundraiser, the largest single event haul for her campaign.
Faryar Shirzad, Coinbase’s Chief Policy Officer, stated that this is an important and constructive statement from Kamala Harris, even though it is not as forward-leaning as those by Donald Trump, the Republican nominee.
He believes that Harris understands that there is a path that promotes innovation while protecting consumers and investors.
The basket of the five biggest AI tokens has been the best-performing category since Aug. 5. This increase accelerated further today, on Sept. 23, with a large bullish candlestick measuring 21% so far.
The biggest gainer in this category is Bittensor, which is less than 40% away from its all-time high price.
TAO Breaks Resistance
The TAO price has increased rapidly since Aug. 5, when it broke out from and validated a descending resistance trend line as support (white icon).
The upward movement has become parabolic since Sept. 17, causing a breakout above the $350 resistance area and the 0.618 Fibonacci retracement resistance at $532.
This is the final resistance area before the all-time high of $730.
Technical indicators are showing overbought conditions but have not yet signaled weakness. The Relative Strength Index (RSI) is overbought, and the MACD has nearly reached a yearly high, but neither has generated any bearish divergence yet.
So, the upward movement may continue toward the all-time high.
TAO Nears All-Time High
The wave count suggests movement toward a new all-time high. According to the count, TAO completed a complex, W-X-Y-X-Z correction (yellow) between the March 7 all-time high and Aug. 5 low.
Then, it started a new five-wave increase (white). The sub-wave count is in black and shows an extended wave three.
If the count is accurate, TAO will reach a new all-time high during wave three and can conclude its entire upward movement at $1,146. The 1.61 external Fibonacci retracement resistance level creates this target.
October Will Be Bullish
TAO’s price action and wave count suggest a new all-time high is within reach. Kamala Harris’s positive remarks regarding AI tokens also support the rally. TAO’s rapid price increase nicely positions it as the leader of AI tokens in the upcoming upward movement.
