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FxWirePro- TAOUSD (Chart of the day)

Thu, 11 Jul 2024, 03:15 am UTC

Bittensor is a decentralized peer-to-peer network for machine intelligence. The Bittensor protocol establishes a marketplace that transforms machine intelligence into a tradable commodity.

The Yuma consensus is a groundbreaking consensus mechanism that has been developed by the Bittensor Network. It is a decentralized, peer-to-peer consensus algorithm that allows for the distribution of computational resources across a network of nodes.

TAOUSD was one of the best performers this week.

Any weekly close above $375 confirms further bullishness.

TAOUSD surged more than 35% in the past three days. It holds above the short-term (21 and 55 EMA) and above the long-term moving average. It hit a high of $276 and is currently trading around $270.

The bullish invalidation can happen if the pair closes below $180. On the lower side, the near-term support is $250. Any break below the target of $200/$180. Any breach below $180 targets $100.

The pair's near-term resistance is around $280. Any breach above confirms minor bullishness. A jump to $300/$370 is possible. A surge past $800 will take it to $1000.


It is good to buy on dips around $250 with SL around $3 for TP of $750.

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