TAOLong
#TAO/USDT / Long / Potential 127.22%
#TAO/USDT / Long / Potential 127.22%
Macro
Bittensor ticks two big buzzword boxes; blockchain and AI.
AI development is currently highly centralized, with significant power concentrated in a few large tech companies and individuals (and individuals, like Sam Altman, who are themselves large tech. companies).
As AI is now inevitable (theres zero doubt that it becomes the worlds most powerful and essential tool) there is a risk that this tool is controlled by just a few people which (which as nice as Sam and Elon seem) doesn't seem like it would be a great idea.
Bittensor is trying to solve this by economically incentiving open AI development and collaboration through its token, TAO. Their idea is to decentralise development of advanced AI software through an open, decentralized community (rather than a centralized company).
I'm not qualified to judge how successful they are or will be in achieving that goal, but for a speculative asset that is a pretty cool story that I would imagine appeals to investors (and has already appealed to investors).
Technicals
Long term ascending triangle suggest an uptrend continuation.
Could be buying at a local top here so consider staggering your entries, I wouldnt expect that is we do retrace we go much further than the lower trendline. The top edge of that triangle (current price) looks to be key overhead resistance and the 0.382 fib. Breaking here should give a long term leg up.
Has only been listed on Binance since April so this is its first chance to pull big volume on a centralised exchange in a market that is favourable to the ALTs.
• Strategy: Long
• Exchange: BINANCE
• Account: Spot
• Entry mode: Market order in range
• Invest: 5%
• Exit:
• ⎿ Target 1 : 863.70
• ⎿ Target 2 : 1029.56
• ⎿ Target 3 : 1262.55
• ⎿ Target 4 : 1558.72
• Entry: 610 ⌁ 690
• ⎿ Current market price: 686.56
• Stop: 397.73 (-42%)
Macro
Bittensor ticks two big buzzword boxes; blockchain and AI.
AI development is currently highly centralized, with significant power concentrated in a few large tech companies and individuals (and individuals, like Sam Altman, who are themselves large tech. companies).
As AI is now inevitable (theres zero doubt that it becomes the worlds most powerful and essential tool) there is a risk that this tool is controlled by just a few people which (which as nice as Sam and Elon seem) doesn't seem like it would be a great idea.
Bittensor is trying to solve this by economically incentiving open AI development and collaboration through its token, TAO. Their idea is to decentralise development of advanced AI software through an open, decentralized community (rather than a centralized company).
I'm not qualified to judge how successful they are or will be in achieving that goal, but for a speculative asset that is a pretty cool story that I would imagine appeals to investors (and has already appealed to investors).
Technicals
Long term ascending triangle suggest an uptrend continuation.
Could be buying at a local top here so consider staggering your entries, I wouldnt expect that is we do retrace we go much further than the lower trendline. The top edge of that triangle (current price) looks to be key overhead resistance and the 0.382 fib. Breaking here should give a long term leg up.
Has only been listed on Binance since April so this is its first chance to pull big volume on a centralised exchange in a market that is favourable to the ALTs.
• Strategy: Long
• Exchange: BINANCE
• Account: Spot
• Entry mode: Market order in range
• Invest: 5%
• Exit:
• ⎿ Target 1 : 863.70
• ⎿ Target 2 : 1029.56
• ⎿ Target 3 : 1262.55
• ⎿ Target 4 : 1558.72
• Entry: 610 ⌁ 690
• ⎿ Current market price: 686.56
• Stop: 397.73 (-42%)
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