Bittensor’s TAO token fell for a fourth consecutive day, declining over 5% to trade near $174. Analysis suggests the bearish trend may continue, with a potential next major support level around $159, as derivatives data shows traders leaning short while on-chain metrics indicate ongoing buyer accumulation.
The price of Bittensor‘s TAO token extended its decline for a fourth straight day, dropping by more than 5% according to recent data. At the time of reporting, TAO was trading at $174.20, with a concurrent 15% increase in trading volume to $117.5 million underscoring active market participation in the downtrend.
A popular crypto analyst suggested TAO’s next major support could be around $159. Technical analysis indicated the altcoin failed to reclaim a key level of $207, from which it broke down in late January.
On-chain data from CryptoQuant presented a contrasting signal, showing aggressive buyers had been strongly dominating recent TAO trading. Despite price fluctuations, the 90-day Spot Taker Cumulative Volume Delta showed consistent green bars over the past week.
Derivatives data told a different story, revealing a bearish bias among leveraged traders. Traders at these levels built $1.89 million worth of long leveraged positions and $2.65 million worth of short leveraged positions according to Coinglass information.
The technical indicator Average Directional Index (ADX) recorded a value of 33.62, signaling strong directional momentum. Based on observed price action and chart patterns, the analysis concluded that TAO could decline another 18% toward the $144 liquidity level.
