Bittensor (TAO) has seen a continued decline over the past few days, with around a 40% drop in the past 7 days. This dip may not be over, as indicated by technical analysis from expert analyst Ali on X.
Despite some gains two weeks ago, TAO price remains trapped in a concerning downtrend that could send Bittensor price significantly lower. Ali warned followers recently:
“Yes, Bittensor TAO was among the top performers last week, but it remains in a downtrend and could retest the lower boundary of this channel at $220,”
Looking at the daily timeframe chart, TAO price action reveals a clear pattern of decline from its peak near $700. Currently trading at $323.70 after dropping 7.72% in the last 24 hours, the cryptocurrency appears vulnerable to further losses.
Some Key TAO Price Levels to Watch
The chart shows several critical price levels that traders should watch closely. Strong support has formed in the $220-$225 range, where buyers have previously stepped in to halt declines. Meanwhile, resistance levels have established around $425 and $700, creating obstacles for any potential recovery.
Technical indicators paint a bearish picture. The formation of consistently lower highs and lower lows signals that selling pressure remains dominant. The price is currently testing mid-range support between $365-$425, and a breakdown below this zone could accelerate the decline.
A Key Support Before Continued Bittensor Price Decline
Particularly concerning is the $285-$300 support area. If TAO fails to hold above this threshold, a swift drop to test the channel’s lower boundary at $220 becomes highly probable. This key support level represents the last major defense before potentially steeper declines.
While TAO did show strength 2 week, this appears to be merely a corrective bounce within the larger downtrend rather than a sign of reversal. The overall market structure remains bearish, supporting Ali’s prediction that prices could soon revisit the $220 level.
Read Also: Litecoin (LTC) Price Eyes Breakout: Watch This Key Level for a Major Rally
If the current support at $323 gives way, traders should prepare for a quick move down to $285 before a potential test of the critical $220 zone. A bounce from this level could signal temporary relief, but failure to hold would likely trigger an extended decline.
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