The $TAO (Bittensor) price is showing bearish momentum on the 4-hour chart, currently sitting around $351.1 with a 24h drop of -4.88%.
Key Levels to Watch:
24h Low: $343.0
Immediate Support: The current price is hovering just above the 24h low, suggesting this area is a key test.
Resistance: The recent swing highs around the $360-$370 mark are acting as resistance.
Market Context: TAO has been facing broader market and AI sector weakness. The recent price action is part of a larger weekly/monthly downtrend. Technical analysis generally points to a 'Strong Sell' signal across multiple timeframes due to failed support levels and bearish indicators (RSI/MACD).
The Breakdown: The candlestick pattern shows a clear downtrend on the 4h chart after failing to maintain ground. With the 7-day performance at -10.80%, market sentiment remains cautious.
What's Next? Buyers need to step in to defend the $340 zone. A break below the 24h low of $343 could open the door for a retest of lower support levels, potentially targeting the $310 range.
Disclaimer: This is technical analysis, not financial advice. Always DYOR.
