Bittensor (TAO) Loses Support: Are Traders Eyeing the Next Downside Levels?

• Bittensor has lost over 8%, reaching $245.  
• TAO’s daily trading volume is at $349 million.

At press time, Bittensor (TAO) is trading within the $245.36 range after an 8.28% loss in value over the last 24 hours. Notably, the daily trading volume has reached the $349.48 million zone. The opening price of the asset was at $274.84, and gradually, it hit a low for the day at around $246.

Over the last 7-days, the price chart of TAO reveals its bullish wave, with a 15.59% surge. It opened the week, trading on the downside and followed by multiple ups and downs; it managed to climb higher.

Upon the momentum correction steadily happening on the downside, the Bittensor price might retrace to the $239.46 support range. A continuous loss may trigger the formation of the death cross, and it could push the asset’s price below $232.19. If a bullish reversal emerges for Bittensor, the price could see a move upward, immediately testing the resistance at around $253.74. Assuming the price reinforces, with the emergence of the golden cross, it likely drives the price above $260. 

Will the Bulls Keep Bittensor’s Momentum Alive?

TAO’s Moving Average Convergence Divergence (MACD) line has crossed below the zero line, but the signal line stays above it, and gives mixed signals. The broader trend looks bearish, but the recent momentum is trying to turn positive. This setup can hint at a possible reversal attempt. 

In addition, the Chaikin Money Flow (CMF) indicator stationed at -0.09 shows mild selling pressure in the Bittensor market. The capital is flowing out of the asset, and the sellers have a small edge. There will be sideways movements, unless the selling pressure starts to build further.

The Bull Bear Power (BBP) indicator reading of -33.8 implies strong bearish pressure. Moreover, the sellers are clearly in control, pushing the price below its average level. This reflects solid downward momentum, and it may trend lower unless the buyers step in to slow down. 

Besides, TAO’s daily Relative Strength Index (RSI), at 37.40, indicates the market is leaning bearish. The price has been under selling pressure, but it is not deeply oversold yet. If the value moves closer to 30, the market may get oversold, where a short bounce might happen.