Bittensor TAO bullish path leads to break above $1000

Elliott Wave Forecast Team ElliottWave-Forecast.com

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

Author

Elliott Wave Forecast Team

ElliottWave-Forecast.com

EUR/USD tests nine-day EMA support near 1.1850

EUR/USD inches lower during the Asian hours on Monday, trading around 1.1870 at the time of writing. The 14-day Relative Strength Index momentum indicator at 56 stays above the midline, confirming improving momentum. RSI has cooled from prior overbought readings but stabilizes above 50, suggesting dips could stay limited before buyers reassert control.

GBP/USD flat lines as traders await key UK macro data and FOMC minutes

The GBP/USD pair kicks off a new week on a subdued note and oscillates in a narrow range, just below mid-1.3600s, during the Asian session. Moreover, the mixed fundamental backdrop warrants some caution for aggressive traders as the market focus now shifts to this week's important releases from the UK and the US.

Gold buyers hesitate amid holiday-thinned trading

Gold trades volatile, but within range, as US, China holidays-led thin trading exaggerates moves. The US Dollar extends range play into the US GDP week, with markets pricing at least two Fed rate cuts this year. Technically, Gold tests key support at $5,000; daily RSI still remains bullish.

Top Crypto Losers: Dogecoin, Zcash, Bonk – Meme and Privacy coins under pressure

Meme coins such as Dogecoin and Bonk, alongside the privacy coin Zcash (ZEC), are leading the broader market losses over the last 24 hours. DOGE, ZEC, and BONK ended their three consecutive days of recovery with a sudden decline on Sunday, as crucial resistance levels capped the gains. Technically, the altcoins show downside risk, starting the week under pressure.

Global inflation watch: Signs of cooling services inflation

Realized inflation landed close to expectations in January, as negative base effects weighed on the annual rates. Remaining sticky inflation is largely explained by services, while tariff-driven goods inflation remains limited even in the US.

Ripple Price Forecast: XRP potential bottom could be in sight

Ripple edges up above the intraday low of $1.35 at the time of writing on Friday amid mixed price actions across the crypto market. The remittance token failed to hold support at $1.40 the previous day, reflecting risk-off sentiment amid a decline in retail and institutional sentiment.