Since its inception, Bittensor ($TAO) has been maintaining a trading range between $190 and $740. Currently, the asset is trading around $422, which may signal upcoming changes in price dynamics.
Current Market Situation of $TAO
Bittensor ($TAO) continues to trade within a range established since 2023, with support at the lower boundary and selling pressure near the upper boundary. The $422 level is viewed by traders as neutral, often waiting for stronger signals before making decisions.
Technical Analysis and Potential Breakout
Technical indicators suggest potential for a breakout, with key levels at $507, $599, and $717. Current price action indicates the formation of a descending triangle pattern, which may lead to a breakout. Support lies between $377 and $393, from which the price has recently bounced.
Traders' Expectations and $TAO's Movement Perspective
Traders are monitoring whether $TAO will continue to push upward or maintain its position within the long-term trend. Should buyers regain control and push the price above the $507 region, targeting around $740 may become feasible. However, there is also the possibility of remaining within the existing range.
Current technical conditions point towards a possible trend change, placing Bittensor ($TAO) at a critical juncture as traders should observe trading volume and daily closing strength.
