- Bittensor (TAO)price: $303.48, down 16.92% in 24 hours.
- RSI at 60.26, indicating mild bullish momentum.
Bittensor (TAO) has experienced a sharp decline, dropping 16.92% in the last 24 hours. The current price stands at $303.48, with a market cap of $2.55 billion, reflecting a 17.06% decrease.
Despite this, the 24-hour trading volume remains high at $216.98 million, though it has fallen by 11.40%. The market cap ratio is 8.53%, indicating high liquidity. A recent $25 million blockchain insurance initiative aims to enhance validator security, safeguarding against smart contract risks within its AI-driven network.
Technical Indicators and Market Outlook
TAO is currently testing a key support level at $302. If this level breaks, the next major support zone lies around $298, followed by $290. A breach below these levels could lead to further downside pressure.
On the upside, $308 serves as the first resistance level. If buyers push the price above this point, the next resistance stands at $314, where past price action has shown selling pressure. A successful breakout above $314 could trigger a rally toward $320 and beyond.
The RSI (14, close) is at 60.26, indicating moderate bullish momentum. The RSI moving average is at 49.41, suggesting a shift from neutral to bullish conditions. An RSI above 70 would indicate overbought conditions, while a drop below 40 would signal weakening momentum.
The RSI has recently crossed above its moving average, which is a bullish signal. This crossover suggests increasing buying pressure, which could drive prices higher. However, if the RSI drops below 50, bearish momentum could return.
TAO’s short-term moving average has recently crossed above the long-term moving average, forming a bullish crossover. This is an early indication of a possible uptrend. If the moving averages continue diverging, it strengthens the bullish outlook. The CMF (20) is at 0.21, indicating a positive money flow into the asset. A CMF reading above 0.20 typically suggests strong buying pressure, reinforcing the bullish case.
However, if CMF declines below zero, it would indicate that capital is flowing out of TAO, potentially leading to further price weakness. Bittensor (TAO) remains volatile but shows bullish signals in technical indicators. If resistance at $308 and $314 is broken, the price could move higher. However, failure to hold key support levels could lead to a further downside.
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