Bittensor’s token TAO has slipped below a key support threshold, signaling sellers are firmly in control. The price currently trades near $187 with a market cap just over $2 billion. Despite a 3.3% loss in the past day, some technical patterns hint at a possible reversal, but the bears remain dominant for now.
TAO’s breakdown through this support level has flipped that zone into resistance, leaving buyers scrambling for footholds. The crypto analyst Alpha Crypto Signal pointed out the weakening in short-term market structure as bearish momentum builds, which could push prices down further unless bulls manage to reclaim this lost ground soon.
Technical Indicators Lean Bearish
On TradingView charts, the RSI sits at 37.6, indicating weak buying interest but not yet oversold conditions. The MACD remains negative with flat signal lines, underscoring the lack of upward momentum. TAO has repeatedly failed to establish higher highs or lows, failing to form a stable recovery.
For TAO to stage a meaningful comeback toward $200, buyers need to break back above the current resistance band near $195 to $200. Until then, the token faces downward pressure that mirrors broader market sentiment, as Bitcoin and other large-cap cryptocurrencies struggle to gain traction. This precarious setup suggests traders should watch that support level closely as a potential trigger point for either a bounce or further decline.
This material is provided for informational purposes only and does not constitute financial advice.
