Bittensor (TAO) remains in a downtrend with sellers still dominating market structure and resistance ahead for the Bittensor price. Momentum is weak, and oversold conditions do not confirm a reversal. Thin liquidity increases downside risk, and a recovery would require a clear breakout above resistance with stronger volume and sustained higher lows.
At the time of writing, TAO is trading at $193.82 with a 24-hour trading volume of $199.95 million and a market capitalization of $2.13 billion. Despite the 2.32% decline over the last 24 hours, the TAO price structure points to a bullish reversal ahead.
Source: CoinMarketCap
Also Read: TAO Price Consolidation Tightens Above $200 as Traders Await Major Breakout
Bittensor Price Recovery Points to a Rally Toward $500
Furthermore, the crypto analyst 2xnmore highlighted that while the Bittensor price sits around $198, the technical indicators show the possibility of pulling back from its positive sentiment.
The RSI reading close to 25 shows low momentum rather than confirming that it has bottomed out. A volume study has indicated lower liquidity below the present level, with $170 being the lowest support before the low volume gap.
The market continues to show a bearish bias until the Bittensor price crosses above the level of control at around $315, from where the bulk of historical volume occurred.
The Bittensor price action below this level suggests that sellers continue to be in control, with any rallies facing the threat of being sold into an overhead supply.
Source: 2xnmore’s X Post
For a real recovery, the Bittensor price needs to see a new high above $170 before it breaks out above $315 on volume.
This is when it becomes realistic for targets around $400-$500 to materialize. However, until such a formation materializes, $198 is vulnerable ground for any accumulation call to be made prematurely.
Technical Outlook Points to Bearish Pressure
According to TradingView, the Bittensor price reveals a pronounced downward trend till early June with an aggressive drop from the $280.00 level of resistance.
Following an aggressive dump in the market on June 3, a period of stability around the $185.00 level was established. Currently, the most recent candle reveals some consolidation at the $194.31 level.
Source: TradingView
Based on the technicals, this heavy selling force appears to be quite exhausting considering that it’s happening in the depths of the oversold level.
In this regard, the RSI is seen near 28.65, which is slightly above the crucial support at 30. On the other hand, the MACD line may soon flatten from -11.43 due to lower negative histograms.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
Also Read: TAO Holds Near $250 as Analyst Tracks Key $225 Support
