The price of the cryptocurrency Bittensor (TAO) has risen by 17% over the past week, reaching around $432. Nevertheless, despite this growth, the overall downtrend persists.
Current Status Overview
TAO was one of the top performers last week, but the long-term outlook seems less optimistic. After reaching a peak of around $700-800, the chart shows lower highs and lows, indicating a continuing decline. Currently, the price is around $432, but the $400-450 zone lacks support.
Key Price Levels for TAO
Several important price zones are highlighted on the chart. The top boundary is in the $700-767 area, which TAO reached before starting to decline. The $680-700 zone also presents difficulties for the price with multiple rejections. $550-560 acts as resistance. Should the $400-450 support level break downwards, the price may drop to $350, and further to $220, as analyst Ali Martinez warns.
Conclusion and Forecast
The recent rise is likely just a temporary rebound, typical for strong downtrends. Unless TAO breaks through $550 and $680, the dominant trend remains downward. Overall, the current chart structure suggests a cautious approach and close attention to resistances.
Despite the 17% rise, the overall trend for Bittensor (TAO) remains downward, with the threat of retesting the $220 level. Traders should be cautious.
