Will Bittensor's First Halving Propel TAO to New Highs?
Bittensor recently surpassed the $300 mark, driven by the anticipation of its first halving event and improved market sentiment.
This market thrives on strong fundamentals, and Bittensor's unique position highlights its potential for growth.
The upcoming Bittensor [TAO] halving, anticipated around December 15, will halve the daily issuance of TAO, enhancing scarcity and potentially boosting network economics.
Triggered automatically once 10.5 million TAO are mined, the event will reduce block rewards from 1 TAO to 0.5 TAO, cutting daily issuance from 7,200 to 3,600. With a total cap of 21 million, Bittensor's scarcity model parallels Bitcoin but integrates AI elements.
TAO's Potential for Price Expansion
Currently, TAO is approaching the $317–$330 resistance zone on the 4-hour chart, with an RSI at 62 and robust support near $276. A breakout above $330 could pave the way for targets near $360, with potential expansion to $520+.
Daily Chart Analysis
On the daily chart, the RSI is around 46.96, providing room for bulls. The MACD has turned bullish, indicating strengthening momentum.
TAO is poised within a formation that has historically led to significant price surges, especially with an impending tokenomics event.
Conclusion
- TAO is maintaining momentum around $300, with the halving narrative strengthening its outlook.
- A move above $330 could signal further gains, aligning scarcity with trend shifts.