Bittensor (TAO) is navigating mixed market signals at $180.86, with weekly gains countered by a 28% drop in trading volume. Analysts warn its failure to hold above key moving averages could push the price below $165, though strength against Bitcoin provides some structural support. The token’s direction is seen as hinging on the TAO/BTC pair’s performance, with critical support identified between $168 and $176.
Bittensor (TAO) faces crucial technical tests amid declining market activity. The token trades at $180.86 with weekly gains of 3.27%, but its 24-hour trading volume has fallen 28% to $113 million according to CoinMarketCap.
Analyst Umair Crypto highlighted that TAO has failed to rise above its 200-day Simple Moving Average (SMA) for the fourth time in its USDT pair. “When a token repeatedly fails to rise above its 200 SMA, it is likely to keep going downwards,” he stated, noting a potential drop below $165 if buyers fail to hold.
However, the TAO/BTC pair shows relative strength by holding above its 4-hour 200 SMA. Umair Crypto emphasized the broader structure remains intact as long as this level holds, though a breakdown could turn the overall outlook bearish and target $140.
Another analyst, GainMuse, mentioned the recent weakness may have been a bear trap leading to a sharp rebound. He identified a support zone between $168 and $176, with an upside price target of $230.
Derivatives data from CoinGlass shows declining activity, with futures volume down 20.40% to $302 million and open interest falling 1.35% to $136 million. The token’s next major movement is widely seen as dependent on its performance against Bitcoin.
