Bittensor (TAO) price and the rest of the crypto market are down following rising geopolitical tensions in the Middle East. For many investors, the crypto market’s ‘Uptober’ rally is at risk of being cut short if Bitcoin price slides lower. Are there still safe bets in the current murky waters of the falling crypto markets?
Why Bittensor (TAO) and These 2 Coins Could Be Safe Bets
The Israel and Iran war has escalated further after Iran fired about 200 ballistic missiles at Israel. According to the Wall Street Journal (WSJ), the Israeli Iron Dome defense mechanism was able to intercept a large number of the rocket missiles, but there were impacts in the central and southern regions.
The entire crypto market is down 5.3%, hanging around $2.261 trillion. While the crypto community is panicking, these three coins could hedge your portfolio against more significant losses during this geopolitical tension.
1. Bittensor (TAO)
Bittensor (TAO) price reacted well to the general crypto market dump late last night following the news of the Iran attack on Israel. The price of TAO did not budge below $520 while the rest of the cryptos tanked.
TAO price is down 10% in the last 24 hours and is trading at $538. It is in consolidation, which is bullish for a dropping market.
This consolidation zone is part of a bullish pennant, a continuation pattern. As fear, uncertainty, and doubt (FUD) grip the rest of the market, TAO price is gearing up for 52% breakout that could send it to $900, and potentially $1000.
2. Solana (SOL)
Apart from Bittensor (TAO), you can explore Solana. Even though the Solana price has dropped 5.3% following the breaking news of the attack, it is still in a massive bullish pennant formation and has a high chance of breaking out.
Moreover, the SOL price is firmly above its 50-day and 200-day exponential moving averages (EMA), which confirms that despite the red markets, bullish sentiment still dominates the SOL price chart.
A breakout from the bull pennant could catapult the Solana price 115% to the upside, settling around $365, which would also be a new all-time high for the asset.
3. XRP (XRP)
The XRP price has maintained between $0.45 and $0.75 for most of last year and this year despite the crypto market experiencing several crashes. In fact, if you invested $1,000 in XRP on October 2, 2023, your investment would have only grown by 15% by today, adding only $150 to it.
During that time, the crypto market experienced sharp increases and declines, all of which XRP braced.
While this is not lucrative for any investor, the choppy nature of the XRP price is exactly what is needed in times of uncertainty to hedge against extreme losses awaiting better market conditions.
Conclusion
Bittensor (TAO), Solana (SOL), and XRP have demonstrated resilience and stability during the ongoing geopolitical tensions, making them potential safe bets in an otherwise volatile crypto market. While uncertainty looms, these coins offer promising opportunities for hedging against significant losses. However, investors should remain cautious, conduct thorough research, and consider diversifying their portfolios to mitigate risks in the current unpredictable environment.
Frequently Asked Questions (FAQs)
TAO’s current consolidation zone suggests a bullish pennant formation, a pattern often indicating a breakout in price. Despite recent market fluctuations, TAO is positioned for a 52% breakout, potentially reaching $900-$1000. Its ability to resist sharp declines makes it a potential hedge against larger market losses.
All three coins—Bittensor (TAO), Solana (SOL), and XRP—have shown patterns of stability or potential growth despite recent geopolitical tensions. TAO and SOL are positioned for potential breakouts based on bullish technical patterns, while XRP’s steady performance offers a buffer against sharp market downturns.
Rising geopolitical tensions, such as the conflict between Iran and Israel, have created uncertainty in global markets, including cryptocurrencies. This has led to a general decline in the crypto market, with many investors seeking safe-haven assets to mitigate risk.
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Evans Karanja
Evans Karanja is a crypto analyst and journalist with a deep focus on blockchain technology, cryptocurrency, and the video gaming industry. His extensive experience includes collaborating with various startups to deliver insightful and high-quality analyses that resonate with their target audiences. As an avid crypto trader and investor, Evans is passionate about the transformative potential of blockchain across diverse sectors. Outside of his professional pursuits, he enjoys playing video games and exploring scenic waterfalls.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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