A 90% increase in Bittensor in 7 days: Can it now reach $645?

TAO increased by 90.09% last week, outperforming other AI coins.

• Bittensor is on track for a five-month peak.

Throughout the year, AI coins have experienced exponential growth, especially with the rising adoption of artificial intelligence.

Amid this market demand, Bittensor [TAO] has emerged as a leader. Over the past year, TAO recorded a price growth of 1020.9%. September has been particularly good for TAO, as the AI coin surged by 65.52%.

In fact, as of the time of writing, Bittensor was trading at $567.12, marking a 90.09% increase in the past week.

Bittensor outperforms other AI coins

Other AI coins have seen moderate gains compared to TAO. While the price of Bittensor rose by 90% on weekly charts, Near Protocol [NEAR] only increased by 19.94%.

At the same time, Fetch.ai [FET] rose by 28.41%. Additionally, Render saw significant gains with a 23.2% increase. Finally, Injective [INJ] rose by 20%.

This shows that while AI coin markets have seen increased interest, TAO has achieved the highest profits.

What’s next?

According to AMBCrypto’s analysis, Bittensor is experiencing strong upward momentum. Since the bullish wedge breakout, it has increased by 40.33%. Therefore, the prevailing market conditions position TAO for further profits on price charts.

Source: Coinglass

For example, Bittensor’s free profit has increased from $61.5 million to $114.06 million. This increase indicates that investors are opening new positions, suggesting that crypto is experiencing a growing influx of capital.

The recent price increase was accompanied by higher signals and strong bullish sentiment.

Source: Coinglass

Additionally, liquidations for short positions have reached a record high. At the time of publication, short liquidations for TAO reached an annual high of $1.45 million. Similarly, liquidations for long positions fell to their lowest level of $139,000 at the time of publication.

This indicates a positive sentiment in the market as those betting against it are forced to exit their positions, while holders of long positions have confidence in the future price movement of the altcoin.

Source: Tradingview

Simply put, TAO is experiencing a strong upward movement amidst rising positive market sentiment. Therefore, if the current market conditions hold, the altcoin will break above the resistance level of $586.

A breakout from this level would bring Bittensor to $645.