Bittensor TAO is a decentralized infrastructure for building and deploying machine learning models on blockchain. It is a pioneer in decentralized artificial intelligence production and its TAO coin currently has a market capitalization of $4.62 billion. In this article, we will explain the bullish structure of the Elliott Wave within the daily cycle and provide a potential projection of the future price.
Since August 2024, TAO started a new upward momentum structure. Wave (1) ended at $680 and was followed by a 3-wave retracement in wave (2) at $403. The coin then recovered in wave 1 of (3) and made new highs above the October peak (wave 1). Thus, it managed to create an incomplete bullish sequence from the lows and established an upward path towards the target in equal tranches $922 – $1044. Following this bullish development, investors are looking to buy the 3, 7 or 11 swing pullbacks against the November low of $403 and will look for the rally to reach new all-time highs.
In conclusion, TAO daily cycle has a bullish impulsive structure and is expected to continue the path surpassing 1K and has a technical extension at $1242.
TAO daily chart 12.12.2024
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