The price of Bittensor (TAO) is back in the spotlight after its latest breakout attempt did not hold. Currently trading around $310, traders are monitoring this level closely.
Current TAO Price and Trends
Since mid-June, the price of TAO has been trapped in a steady downtrend, making lower highs and lower lows. The most recent rejection occurred on June 30, just under $340.
Demand Zone and Its Pressure
The area between $295 and $310 has proven to be a key demand zone for TAO. A previous bounce from this level triggered a temporary recovery in late June, but the token is approaching this zone again.
TAO Momentum and RSI Signals
On the 4H chart, the RSI has dropped to 41.44, indicating fading bullish momentum and increasing selling pressure. A clear bearish divergence is also present between the rally on June 29 and the close on July 1.
The TAO price is consolidating above the $310 level, and market participants are closely watching the demand zone. A successful defense of this level could lead to a recovery towards $340, while losing support could result in further declines.
