Bittensor (TAO) is testing key support near $262 amid declining trading volume and extended weekly losses. Technical analysts note a falling wedge breakout remains valid, with a move above $297 potentially confirming a local low. They indicate the structure could support a future rally targeting the $497 level, representing a gain of over 80% from current prices.
Bittensor (TAO) traded at $262.13 on Monday, marking a daily decline of over 4%. Trading volume fell 17% to approximately $369 million as the token posted a weekly loss exceeding 12%.
Analyst More Crypto Online stated TAO had reached a support zone and shown a reaction. The analyst highlighted that a break above $297 would confirm a local low, though “the current structure still leaves room for another downside move.”
Another analyst, Javon Marks, mentioned TAO maintains a positive structure after breaking out of a falling wedge pattern. According to the analysis, this valid breakout supports a possible price target of $497.
Futures volume increased by 10.59% to $1.85 billion, data shows. Open interest, however, declined by 13.62% to $400.85 million during the session.
Technically, the price remains below key exponential moving averages, with the 20-day EMA at $292.7 acting as resistance. The 100-day EMA at $259.1 currently provides nearby support for the asset.
