based on materials from the site - By Coindoo.com
The token, which currently has a market capitalization of $3.28 billion, has dropped to an important support range that traders believe may determine its next significant trend.
Market strategist Michael van de Poppe noted the recent drop of TAO into a long-standing support zone, stating that the current levels are 'interesting' for potential accumulation.
Technical charts indicate that TAO is consolidating around $330–$335 after a sustained decline throughout August. If this zone holds, traders anticipate a possible bounce to the $370–$400 range. However, breaking this level could pave the way for a retest of a deeper support level around $275.
Indicators remain ambiguous. On the 30-minute chart, the relative strength index (RSI) hovers around 47, signaling neutrality, while MACD lines are flattening after a bearish impulse earlier this month. This reflects a cautious position among traders as the market awaits confirmation of further actions from TAO.
Despite the price weakness, the fundamental indicators of Bittensor remain a topic of discussion. The project continues to be one of the largest cryptocurrency networks related to artificial intelligence by market capitalization, ensuring active community involvement and ranking 35th among all digital assets.
As TAO is at a technical crossroads, market participants are closely watching whether buyers can hold the $330 level or if a deeper correction to $275 awaits us. The upcoming days could be crucial for the short-term trajectory of the token.
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