Bittensor’s TAO token fell roughly 7% to around $268 on June 16, diverging from broader market gains. Despite the drop, analysts cited by recent reports point to potential resistance levels and exchange netflow data that could signal a coming rebound for the decentralized AI network’s cryptocurrency.
The Bittensor (TAO) cryptocurrency declined approximately 7% on June 16, trading near $268. This occurred despite positive commentary from Grayscale, which stated decentralized projects like Bittensor offer an alternative to centralized AI companies vulnerable to government intervention.
Analyst Altcoin Sherpa noted TAO has lagged behind other major cryptocurrencies but said the asset still “looks good.” “This current area is a bit of a resistance spot… but if it can break here, I think the low $300s is my next area up,” the analyst added.
Ali Martinez argued TAO is approaching the top of a descending channel. He suggested a decisive break could lead to a jump toward $350 and then $420.
Exchange netflow data shows outflows have exceeded inflows for TAO in recent weeks. This trend suggests reduced immediate selling pressure as investors move tokens off centralized platforms.
Michael van de Poppe previously described TAO’s chart as “phenomenal” and envisioned a potential move to $500. He later opined that strong altcoins from previous months could continue performing well if Bitcoin has bottomed.
Bitcoin recently recovered above $65,000 after briefly falling to around $59,000 earlier in June. Some analysts, however, believe the worst for this cycle may not have arrived.
