Bittensor (TAO) is showing signs of stabilization after a short-term decline, as price action hovers near a critical technical zone. Currently, TAO is changing hands at $178.36, having declined by 2.09% in the last 24 hours, with a daily volume of $229.64 million. TAO has a market capitalization of $1.91B, representing 0.08% of the overall crypto market.
Crucial $167.43 Support Holds for Bittensor
Recent analysis shared by analyst Crypto TXG reveals that TAO has been declining towards a critical support zone before rebounding. According to the recent analysis, if buying pressure continues to build, the price could revisit the $214 resistance level, provided the current buying pressure sustains.
However, on the downside, the $167.43 mark is an essential zone. If TAO fails to hold this area, the correction may extend further, with the next major support seen near $133. This mark was an essential point of reaction in the past and might continue to be so in the future.
Also Read | ONDO chart signals bullish move with $0.2781 as target
Sustained Support Strengthens TAO Bullish Case
From a technical perspective, TAO is nearing an essential ascending trendline, which has been holding firm on several occasions. Currently, the price correction at this point indicates that the market is closely monitoring this zone. At the same time, however, the RSI is placed in the lower range, which might indicate that selling pressure is nearing exhaustion.
Several indicators are converging at this price level, and analysts are of the view that this could be a potential sign of a base building up. A brief move below the trendline remains possible, as the market could dip to trigger stop orders before attempting a stronger recovery.
Currently, it is important to look at higher timeframe candle closures as they will be crucial in determining the next course of action. The reaction of TAO at this technical crossroads could be crucial for its short-term direction.
Also Read | Ethereum Network Activity Surges to 10-Year High As Price Struggles at $2K