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Why TAO Price Might Face a Sharp Decline, and Drop Below $500

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Bittensor (TAO) price has dropped by 6% in the last 24 hours, reversing the earlier trend where it closed in on $700 just days ago. This decline has ensured that TAO’s price is now below the $600 threshold.

With this condition, the altcoin may struggle to retain its current levels, as this analysis shows that it could soon break below $500. Here is why.

Bears Take Control of Bittensor’s Momentum

According to Santiment, the Weighted Sentiment for TAO has fallen into the negative region. This metric considers unique social volume, reflecting the crypto community’s overall perception of a project.

When the reading is positive, it signals that market participants are confident in potential short-term gains for a cryptocurrency. Conversely, a negative reading suggests that most are anticipating a bearish move.

At the time of writing, TAO’s sentiment reading stands at -0.026. This indicates a broadly bearish outlook for the altcoin, suggesting that demand for TAO could decline, and its price may continue to decrease.

Read more: How to Invest in Artificial Intelligence (AI) Cryptocurrencies

TAO bearish sentiment
Bittensor Weighted Sentiment. Source: Santiment

Another indicator suggesting that TAO’s price might decline is the 20-day Exponental Moving Average (EMA). The 20 EMA is calculated by averaging the asset’s prices over the past 20 trading days, giving more weight to the most recent prices and making it more responsive to recent price movements.

When the price is above the EMA, the trend is bullish. However, as soon as the price drops below the threshold, the token undergoes a correction. For instance, when a similar thing happened around July 31, TAO’s price dropped by 32% within three days.

On August 28, the token fell below the 20 EMA, and by September 6, it had lost 25% of its value. If TAO drops below this threshold again, it could face a double-digit correction.

TAO price bearish
Bittensor Daily Price Analysis. Source: TradingView

TAO Price Prediction: Sharper Decline

On looking critically again at the daily chart, BeInCrypto observes that the Moving Average Convergence Divergence (MACD) has turned negative. The MACD  is primarily a technical oscillator used to measure momentum and trade trends.

When the MACD is positive, it signals bullish momentum, suggesting that price could rise. Conversely, a negative MACD reading points to bearish momentum. In TAO’s case, the MACD shows that the 12-day EMA (blue) crossed below the 26-day EMA (orange), indicating that sellers are in control and reinforcing the bearish sentiment.

Read more: Top 9 Safest Crypto Exchanges in 2024

TAO price analysis
Bittensor Daily Price Analysis. Source: TradingView

If this remains the same, TAO’s price might sink below the 38.2% support floor and hit $452.30. On the contrary, the altcoin could bounce if bulls ensure that it does not drop below the support. Should that happen, TAO might jump to $648.99.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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Growing number of Solana and Cardano investors are investing heavily in this utility token under $0.08

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A growing number of smart money crypto investors are shifting their focus from Solana (SOL) and Cardano (ADA) to an emerging utility token priced under $0.08. The Rexas Finance token offers a unique value proposition with strong use cases in decentralized finance (DeFi) and real-world asset tokenization, making it an attractive alternative to more volatile projects. 

Its cutting-edge technology and growing adoption rates could be setting the stage for substantial long-term gains. With the potential for exponential growth, these savvy investors see this low-cost token as a high-reward opportunity to capitalize on before it fully breaks out.

Utility Token Rexas Finance under $0.08

Buying a piece of real estate or gold needs significant capital, and the process is often slow and complicated. But Rexas Finance changes this by enabling these assets to be indicated as tokens on the blockchain. This shows that users can easily buy, sell, and trade fractions of the assets, opening up investment opportunities to a wide range of audiences.

Key features of Rexas Finance

Rexas Token Builder simplifies the process of tokenizing assets by eliminating the need for complex coding, enabling users to launch tokens in minutes. In addition, Rexas Launchpad provides a decentralized, secure project for token funding over many blockchain networks.

For artists and creators, Rexas GenAI also offers an AI-based tool for creating unique digital artworks, ideal for venturing into the NFT space. 

Rexas DeFi further enables the platform by allowing seamless cryptocurrency swaps across various networks, while Rexas Estate allows users to co-own real-world properties and earn passive income in stablecoins.

Finally, Rexas Treasury is a multi-chain yield optimizer that enables users to earn compound interest on their crypto deposits.

Rexas Finance began the presale of the native token RXS on September 8, 2024. The total supply of RXS tokens is 1 billion. The Rexas Finance project has already raised over $2.85M, with the third stage of its  presale over. This presale event is important for the platform as it allows early investors to engage in what might turn into a revolutionary solution for RWA tokenization.

Rexas Finance’s $1M Giveaway is live, offering a huge chance for early adopters to join the project’s growth. With a current token price of $0.06 and a projected listing price of $0.20, the potential for an increase indicates a good opportunity for investors. 

About Rexas Finance (RXS)

Rexas Finance is the users’ gateway to the future of asset management. Rexas allows users to own or tokenize virtually any real-world asset, from real estate and art to commodities and intellectual property world-wide. With Rexas, users gain access to a world where asset liquidity and investment choices are boundless.

For more information about Rexas Finance (RXS) visit the links below:

Website: https://rexas.com

Win $1 Million Giveaway: https://bit.ly/Rexas1M

Whitepaper: https://rexas.com/rexas-whitepaper.pdf

Twitter/X: https://x.com/rexasfinance

Telegram: https://t.me/rexasfinance



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The Future of Blockchain: Experts Share Insights on Privacy and Transparency

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The allure of anonymity has always been a significant draw in the blockchain ecosystem. Early adopters touted the ability to conduct transactions in secrecy, far from the prying eyes of centralized institutions and regulators.

However, as blockchain evolves, the industry faces a critical question – Is anonymity still paramount, or is it a fading aspect amidst growing demands for transparency?

Why Blockchain Transparency is Important?

The blockchain sector is undergoing a transformation. Enhanced regulatory scrutiny and advancements in blockchain analytics are slowly demystifying the once-opaque crypto ecosystem.

A revelation by the on-chain detective ZachXBT, who exposed the crypto holdings of a meme coin trader, Murad, highlights this shift. This exposure ignited debates about the ethics of revealing such information and whether such acts undermine the foundational privacy promised by blockchain.

Read more: Who Is ZachXBT, the Crypto Sleuth Exposing Scams?


Murad’s Wallet Network
Murad’s Wallet Network. Source: ZachXBT

Despite concerns, many argue that transparency is crucial for combating fraud, money laundering, and other illicit activities within the crypto space.

The call for greater oversight is partly driven by the increasing incidents of crypto-related frauds and hacks. According to an Immunefi report, over $412 million was lost to such incidents in the third quarter of 2024 alone. Moreover, year-to-date, the total reached $1.3 billion across 169 incidents by September 2024.

Crypto Losses Year-to-Date
Crypto Losses Year-to-Date. Source: Immunefi

These security breaches and the utilization of cryptocurrency in illegal activities fuel the debate over blockchain’s dual nature—offering freedom yet potentially facilitating unlawful acts.

Need For a Balanced Approach

In an interview with BeInCrypto, Alex Pruden, Executive Director at Aleo Foundation, countered this perspective. He highlighted the misuse of traditional financial systems in crimes.

“The traditional financial system is used for illegal activities all the time. 99% of money laundering and sanctions evasion actually happens through large financial institutions (who don’t catch it until after the crime has been perpetrated). Does that mean we should ban banks and payment processors? Of course not, because these institutions provide benefits to everyone else. The key is finding the right balance,” Pruden told BeInCrypto.

Supporting this, a Crypto Information Sharing and Analysis Center (ISAC) report notes that cash is used far more frequently than crypto in illegal activities. The report challenged the notion that crypto is predominantly the currency of criminals.

Read more: Anonymity vs. Pseudonymity: Understanding the Key Differences


Illicit Crypto Transactions by Year
Illicit Crypto Transactions by Year. Source: Crypto ISAC

Moreover, purists and privacy advocates contend that an extreme move towards openness erodes the core values of blockchain. Pruden emphasized the importance of privacy.

“Real-world financial transactions between parties are often predicated on a notion of confidentiality. And this confidentiality/privacy is essential for businesses to function. For example, businesses transacting with one another may not want the contents of that transaction public to competitors. Likewise, individual financial transactions on public blockchains are at risk from surveillance, data mining, and cyberattacks,” Pruden stated.

Contrary to Pruden’s view, Adrian Brink, co-founder of Namada, argues that blockchain was never truly about privacy.

“I don’t think that blockchain was built on the promise of privacy at all. Bitcoin doesn’t offer any privacy guarantees. The potential for de-anonymization was there from the beginning,” Brink told BeInCrypto.

Read more: Top 7 Privacy Coins in 2024

Experts Claim Zero Knowledge Proof is the Solution

This tension between privacy and transparency raises pivotal questions about the future of blockchain. Can it remain decentralized and secure while compromising on anonymity? Or is privacy still essential to protect users and uphold the technology’s principles?

William Wendt, Head of Ecosystem at Oasis, told BeInCrypto that privacy isn’t a binary choice.

“Often, this issue of privacy vs. transparency is looked at through a binary lens. Either a blockchain is fully transparent or fully anonymous. However, this is not the case. Privacy is a spectrum, and different dApps and users will have different preferences for what level of privacy/transparency they will need,” Wendt said.

According to all three experts, a promising solution lies in zero-knowledge technology, which offers a way for transparency and privacy to coexist. Zero-knowledge proofs (ZKPs) allow for the verification of transactions without revealing underlying data, thus maintaining user privacy while ensuring compliance with laws.

“Historically, transparency was seen as a mechanism to enforce compliance, but it doesn’t have to come at the cost of user privacy. Cryptographic solutions like ZK proofs (ZKP) enable a system where transactions can be “correct by construction” in terms of the law, without revealing the underlying data. This protects user privacy and creates a user interface closer to a bank account/payment app than most Web3 applications today,” Pruden noted.

Brink also supports this nuanced approach, emphasizing that the need for privacy varies by context.

“What you need to share with your local government is going to be different from what you want to share with the world. The key issue is primarily self-sovereignty. We’re moving towards a world where technologies like zero-knowledge cryptography empower users with the choice of what to share. Privacy can coexist with transparency, but the architecture must be thoughtfully designed,” Brink told BeInCrypto.

Read more: What are Zero-Knowledge Proofs? Securing Growth for Web3 Apps

Zero-knowledge cryptography addresses privacy concerns and also meets regulatory requirements, offering a balanced solution that protects individual privacy and fulfills transparency obligations. This technology proves compliance with anti-money laundering (AML) and Know Your Customer (KYC) regulations without disclosing personal information, providing a win-win scenario for all stakeholders.

Due to heightened interest, the zero-knowledge sector is growing. According to data from CoinGecko, the total market capitalization of zero-knowledge coins stands at nearly $13.5 billion.

Top Zero Knowledge Coins by Market Cap
Top Zero Knowledge Coins by Market Cap. Source: CoinGecko

In conclusion, while blockchain was initially celebrated for its privacy features, the changing environment suggests that both transparency and privacy are necessary for its future. The ongoing development of zero-knowledge cryptography and similar technologies may hold the key to maintaining blockchain’s founding principles while adapting to new regulatory environments.

Disclaimer

Following the Trust Project guidelines, this feature article presents opinions and perspectives from industry experts or individuals. BeInCrypto is dedicated to transparent reporting, but the views expressed in this article do not necessarily reflect those of BeInCrypto or its staff. Readers should verify information independently and consult with a professional before making decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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BNB Rejection At Key Level Hints At A Potential Price Correction

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Este artículo también está disponible en español.

BNB has faced a significant rejection at a critical resistance level, raising concerns among traders about a potential price correction. After an impressive rally, the momentum has faltered, leaving the cryptocurrency at a crossroads. 

This key level has proven to be a formidable barrier, indicating that selling pressure may be increasing as bears step in. However, the big question is whether this rejection marks the beginning of a downward correction or if the bulls can muster enough strength to regain their footing and continue pushing higher.

As the market navigates this pivotal moment, this piece will analyze BNB’s recent rejection at the critical resistance level and assess the implications for its price trajectory. By examining market trends, technical indicators, and trading volumes, this analysis will explore the possibility of a correction and what it could mean for traders.

Indicators Pointing Toward A Downside Correction For BNB

Recently, BNB’s price has turned bearish on the 4-hour chart, pulling back toward the 100-day Simple Moving Average (SMA) after facing rejection at the $605 resistance level. This downward move signals a shift in market sentiment as bulls struggle to maintain upward momentum. The rejection at the $605 resistance level has triggered heightened selling pressure that could push the price lower for a potential correction.

BNB
BNB pulling back toward the 100-day SMA after a rejection at $605 | Source: BNBUSDT on Tradingview.com

An analysis of the 4-hour Relative Strength Index (RSI) reveals that the signal line has dropped to 57%, retreating from its previous position in overbought territory. Typically, this decline indicates that the bullish momentum is weakening after reaching a peak, as buyers are beginning to lose steam.

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Furthermore, on the daily chart, BNB is exhibiting negative momentum, as evidenced by the formation of a bearish candlestick, despite trading above the 100-day SMA. This situation reveals a possible contradiction in market sentiment. Meanwhile, if selling pressure continues and BNB is unable to maintain its position above the 100-day SMA, it may lead to a more significant price drop.

BNB
BNB displaying waning performance despite trending at the 100-day SMA | Source: BNBUSDT on Tradingview.com

Finally, on the 1-day chart, the RSI has experienced a decline to 69% after rising to 62%, reflecting strong optimistic sentiment and buying pressure. Although the RSI remains above 60%, which suggests a bullish outlook, the recent drop signals that the upward momentum may be slowing down.

Key Support Levels To Watch After The Rejection

Following BNB’s recent rejection at the $605 resistance level, the critical support zone to watch is around $531, where buying interest may emerge. If the price drops below this level, it could signal a deeper bearish move, with the potential to push BNB down toward the $500 mark and beyond. In addition, a break below these key levels could intensify selling pressure and set the stage for further declines, making them crucial areas for traders to monitor in the short term.

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However, should the bulls manage to mount a comeback and push the price above $605, the asset could continue its upward movement toward the next resistance range at $635. A successful breach of this level may trigger additional gains, allowing the price to challenge other resistance points above.

BNB
BNB trading at $593 on the 1D chart | Source: BNBUSDT on Tradingview.com

Featured image from Adobe Stock, chart from Tradingview.com



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