Bittensor (TAO) faces a critical resistance level at $447, which could determine the market's further direction.
Key TAO Price Levels
Crypto analyst Crypto Tony pointed out $447 as a critical level for bulls to break. The current market structure shows rejection near this resistance, signaling strong selling interest. A breakout could pave the way towards $470 and beyond. Additional resistance is present at $470, where past attempts to hold gains failed. Key support lies around $350, with lower levels at $250-$260. Trader StefanB noted that TAO's recent rejection aligns with short positions, and a drop to $310-$290 is possible if bearish sentiment persists.
Bittensor's Current Market Conditions
TAO trades at $365.85, reflecting a sharp 14.60% decline in 24 hours. Trading volume reached $420.7 million, indicating active market participation. Over the past week, the price remained largely stable with a slight 0.17% increase. Despite lower wicks showing buying interest, bullish momentum remains weak. It's crucial to watch the next levels as they could determine TAO's future movement.
TAO Prospects and Forecasts
If bulls successfully push past $447, TAO could target $470-$530. However, failure to hold above $350 might result in a deeper correction toward $250. Both Crypto Tony and StefanB emphasize the importance of observing current price action. Market sentiment hinges on whether bulls can reclaim resistance or bears maintain downward pressure.
The future direction for Bittensor (TAO) will be determined by the upcoming moves around critical levels. Market participants are closely watching the situation.
