Bittensor (TAO) is trading near the $300 level after a mild pullback in recent sessions. The price action shows short-term weakness, but analysts note that the overall structure remains strong and continues to favor bullish momentum.
According to CoinMarketCap data, TAO is trading at $298.71, down 1.8% in the last 24 hours. Trading volume has declined by 16.06% to $148.25 million. Over the past seven days, the token has recorded a loss of 5.56%, reflecting recent market pressure.
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TAO Holds Key Levels, Bullish Structure Intact
Crypto analyst CyrilXBT highlighted that TAO is still holding near $299, which keeps the structure intact. He described it as one of the cleanest charts in the current market. The asset previously pulled back from $379 but continues to maintain strength above key levels.
Additionally, the analyst noted that the 200 EMA at $274 now acts as support. This reversal from being below to being above the 200 EMA is a clear sign of the powerful structure shift. Moreover, as long as the $290 mark holds, there is no reason for concern.
Crypto Pirates, another analyst, mentioned that there is a structure shift in the higher timeframes of TAO from bearish to bullish. According to him, the pullback in the market is absolutely normal, but he still advises waiting for the liquidity sweep.
Moreover, the yearly open can be used as the support level. The response from the zone might push the price higher. This level is now being closely watched by traders.
Price Holds Above EMAs as RSI Weakens
From a technical perspective, TAO still trades well above all major EMAs. The 20 EMA is trading at $293.0 and serves as immediate support. Meanwhile, the 50 EMA trades at $260.5, representing the next support level in case of a further decline in price.
At the same time, the 100 EMA stands at $253.4, while the 200 EMA is at $274.0. Trading above the 200 EMA indicates a bull trend reversal. Thus, EMAs indicate that sellers still dominate the price action.
The Relative Strength Index (RSI) is currently trading at 57.06, with its MA being at 66.66. It shows a slowdown in momentum after a recent peak. Nevertheless, the RSI remains above the neutral level, indicating a steady trend.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
Also Read: Bittensor (TAO) Price Holds Above $290 Support, Eyes $500 Upside Target
