The TAO token has drawn attention in recent weeks, facing several challenges with its price. This article examines current trends and forecasts.
Current TAO Price and Social Activity
The TAO token remains at the forefront of discussions due to Bittensor's active involvement in the AI-crypto sector. In the last 24 hours, TAO topped the social activity charts with 24,800 posts and 3 million interactions. Despite this activity, the token's price does not reflect the overall market optimism.
Recent Declines in TAO Price and Their Reasons
The TAO price fell by 1.2% over the last 24 hours and more than 23% over the past month. This decline is driven by weaker market dynamics and bearish pressure. In August, the token fell below the critical support at $358, shifting the trend in favor of bears, and currently hovers around the short-term support level of $320.
Bittensor Price Predictions and Recovery Likelihood
Short-term forecasts for Bittensor prices remain cautious, with potential corrections toward the $200 support level. However, the unique model rewarding distributed computing with TAO tokens attracts long-term supporters, creating a potential for recovery if the altcoin market experiences an upswing.
Thus, while TAO faces pricing difficulties, social activity and growing interest in the technology may create conditions for market improvement in the future.
