The price of Bittensor (TAO) token faces difficulties as it remains below a significant support level, prompting shifts in trader sentiments.
State of TAO Price
TAO price is showing signs of weakness after being rejected at a key level. Crypto expert Sjuul stated that TAO has "gone from looking very good to looking way less good". If the price does not reclaim that level soon, it could head back toward the demand zone.
Demand Zone in Focus
A green box on the chart marks the demand zone that previously served as the base for strong buying interest. Traders are now watching for a potential revisit to this zone, which may signal that market participants are willing to accumulate again at lower levels.
Trader Outlook and Bittensor Price Scenarios
Sjuul noted that if TAO cannot reclaim the key support-resistance zone, a move toward the demand zone is likely. Market participants are monitoring two paths: a potential bullish reversal or further declines to lower levels. Consolidation between the two zones could result in sideways price action.
The TAO price remains in a decision zone, with upcoming movements set to provide clarity on its short-term direction. Traders are observing the situation closely.
