- Summary:
- Bittensor Tao price has been in recovery since last week’s $8 million exploit and has risen by more than 14 percent in the last seven days.
Bittensor Tao price ($TAO) sustained its recovery on Wednesday, gaining 5.2 percent to trade at $269 at the time of writing. The crypto asset has been on an ascending trajectory in the last three days after suffering a costly exploit last week. The Bittensor blockchain was hacked last week, with several user wallets incurring losses and at least $8 million lost from one of the project’s private wallets. Afterward, the AI-focused project put the blockchain in “safe mode”, whereby transactions were halted even though block production continued.
The Opentensor Foundation, the organization that manages the protocol, attributed the exploit to a malicious package in the PyPi Package Manager version 6.12.2, that came with a code capable of stealing unencrypted coldkey information. The exploit caused panic among the token’s holders, sending the TAO price down by as much as 22 percent in three days following the attack.
However, the intervention efforts instituted by the Opentensor Foundation team prevented excessive losses and has led to a substantial recovery. TAO price has risen by 14.4 percent in the last week, the highest gain among the top 50 highest-ranked crypto assets according to analytics site, CoinMarketCap.
Bittensor is Bittensor is an open-source protocol powering a decentralized, blockchain-based machine learning network. As of this writing, Bittensor’s market capitalization was at 1.9 billion, making it the 45th-largest crypto asset. However, the 24-hour trading volume was down by 2 percent,signaling a potential decline in the buying momentum.
Technical analysis
The momentum on the TAO price signals control by the buyers, with the pivot at $267.84 The upside will likely continue if the price action stays above that mark, and the first resistance could come at $274.18. However, extended control by the buyers will break the resistance and potentially send the crypto asset to $277.81.
Conversely, if the price goes beyond $267.84, it will favour the sellers to take control, and the first support will likely be at $263.88. If the sellers extend their control, they could break the support and render the upside narrative invalid. Also, that could strengthen the downside momentum to test 260.00.
