AI sector explodes! 'This coin' remains leading, with 2 indicators showing potential for another 20% pump

With the temporary conclusion of the US presidential election, BTC has experienced a continuous rise for 7 days. Yesterday, it surged by 10% in one go, with the daily closing price of the K-line at $88,647 and the price before the deadline at $88,332.

Driven by the rise of BTC, AltCoin has also seen a long-awaited overall zone rise. The AI zone performed well yesterday, with an average increase of 11.6%. Bittensor ($TAO) is the leader in the AI zone with a market value of $4.4 billion. Analysts from foreign media 'BeInCrypto' believe that Bittensor ($TAO) is in an upward trend, and some data shows strong buying pressure.

Ichimoku Kinko Hyo bullish

BeInCrypto pointed out that the price of Bittensor ($TAO) is clearly above the two leading lines (Cloud) in the Ichimoku Cloud, indicating a strong upward trend and stable buying pressure. In addition, the conversion line (Tenkan-sen), which represents the short-term trend, is currently higher than the baseline (Kijun-sen) of the long-term trend, further confirming this bullish sentiment. The formation and expansion of the green cloud (Cloud) indicate an increasing demand for $TAO in the market. As long as the price stays above the cloud, Bittensor ($TAO) will continue to maintain its bullish trend.

Note: The Ichimoku Cloud is a comprehensive indicator that can judge both trends and strengths. When the price is above the "clouds", it represents a bullish trend; The opposite is bearish. The conversion line and the Benchmark line are used to compare the short-term and long-term trends, and the conversion line is higher than the Benchmark line, indicating a stronger buying force; The opposite is weaker.

Image source: "BeInCrypto" $TAO Ichimoku Cloud looks pump

Average Directional Index (ADX)

On the other hand, the Bittensor ($TAO) ADX indicator is currently stable at 30.92, reflecting that its buying pressure is sufficient to support the continued rising trend. The ADX level of Bittensor ($TAO) above 25 indicates that the rise of $TAO is mainly attributed to strong buying pressure and is expected to maintain a rising trend in the short term.

Note: ADX (Average Directional Index) is a technical indicator used to measure trend strength. When ADX is above 25, it indicates a strong price trend; below 20, it means the price is weakening or in a consolidation phase.

Image source: "BeInCrypto" $TAO ADX strong

Will Bittensor ($TAO) pump up by 19.2%?

Despite the momentum shown by the two indicators above, BeInCrypto also notes that Bittensor ($TAO)'s recent resistance level is at $610. If it breaks through, it may further pump by 19.2% to $682; while the recent support level is at $548. If this price level is breached, it may drop by 14% to $490.

Image source: "BeInCrypto" $TAO pressure support

【Disclaimer】The market is risky, and investment needs to be cautious. This article does not constitute investment advice and users should consider whether any opinions, opinions or conclusions herein are appropriate for their particular circumstances. Invest accordingly at your own risk.

The AI sector is exploding! 'This coin' is steadily leading, and 2 indicators show that it is expected to rise another 20%. This article was first published in 'encryption city'.