Bittensor (TAO) is moving in a consolidation phase after the recent breakout. According to CoinMarketCap, the TAO price has declined by 2.02% over the last 24 hours, but it remains up by 13.18% over the last week.
At the time of writing, TAO is trading at $264.59, with a trading volume of $449.79 million, which has dipped by 73.97% over the last 24 hours. However, its market capitalization stands at $2.86 billion, which is also down by 1.99%.
Source: CoinMarketCap
Also Read: Bittensor TAO Rises 7% as Market Eyes Channel Breakout Toward $700
TAO Could Surge to $482 After Recent Drop
Furthermore, the crypto analyst Crypto Feras highlighted that Bittensor ($TAO) has seen a sharp correction, shaking short-term sentiment, but the broader bullish structure remains intact within the native token of Bittensor.
Price action is still respecting higher timeframe support, with $256 acting as the key level to maintain trend continuation. As long as this zone holds, the market bias remains cautiously constructive.
Source: Crypto Feras’ X Post
The market watchers are looking at $297 as an intermediate pivot level, while $363 acts as another resistance level that will help in confirming the strength.
The bullish inverted head and shoulders pattern is currently under formation, with $482 serving as a possible upside target. But breaking below $256 will negate the current pattern setup.
TAO Technical Outlook Shows Stabilizing Momentum
According to TradingView, TAO exhibits an immediate pullback following its peak of around $360. Price has dropped below its 200-day simple moving average at $281, marking it as a resistance line. The token is currently struggling to find equilibrium at $264.
The bulls need to keep above its 50-day simple moving average at $251 to avoid falling further towards its $238 support zone.
Source: TradingView
RSI is currently standing at 42.69, indicating a bearish momentum in the markets as it continues below the 50 level.
An unusually big red candle has been dominating recent price behavior. Although there is a smaller green candle now in place. A rebound is being eyed by traders, but the converging MAs suggest that the selling pressure is strong in the markets.
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) Crashes 27% After Covenant AI Exit Sparks Sell-Off
