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As the cryptocurrency market continues to fluctuate and present both challenges and opportunities, it’s essential to stay updated on the latest developments within the altcoin space. One such development is the recent movement of TAO (TAO) which has been creating a buzz in the crypto community.
The token, tied to Bittensor AI network, has dropped into a key support zone between $261 and $300 before rebounding back near the $300 mark as of early morning UTC. This price action follows an impressive 7% drop in value over the past 24 hours, with TAO currently trading at $297.81.
For those unfamiliar, Bittensor is a decentralized blockchain protocol designed to transform the way artificial intelligence (AI) and machine learning (ML) models evolve. By decentralizing the process of developing AI models, the network reduces resource waste and speeds up innovation in this space.
The recent price action has not only raised eyebrows but also sparked interest among traders. The Relative Strength Index (RSI), a popular technical indicator used for analyzing short-term momentum, has dipped significantly, signaling a potential rebound area for TAO investors.
Source: coinchapter.com
