Bittensor TAO is a decentralized infrastructure for building and deploying machine learning models on the blockchain. It’s pioneering the decentralized production of artificial intelligence and its coin TAO has currently a $4.62 Billion Market capitalization. In this article, we’ll explain the bullish Elliott Wave structure within the daily cycle and provide a potential projection of the future price.
Since August 2024, TAO started a new impulsive structure to the upside. Wave (1) ended at $680 and it was followed by a 3 waves pullback in wave (2) at $403. The coin then rallied in wave 1 of (3) and made new highs above October peak ( wave 1). Therefore, it managed to create an incomplete bullish sequence from the lows and it established a path higher toward target at equal legs $922 – $1044. Following this bullish development, investors are looking to buy the pullbacks in 3 , 7 or 11 swings against November low $403 and they will be looking for the rally to break into new all time highs.
In conclusion, TAO daily cycle has a bullish impulsive structure and it’s expected to continue the path by breaking above 1K and it has a technical extension at $1242.
TAO daily chart 12.12.2024
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