Bittensor at crucial $488 level: Why TAO can see a price reversal now
The post Bittensor at crucial $488 level: Why TAO can see a price reversal now appeared on BitcoinEthereumNews.com.
TAO showed no signs of recovery as it traded near a critical support level historically linked to price rallies. Multiple technical and market indicators aligned, signaling a strong likelihood of further declines. Bittensor [TAO] has consistently underperformed across multiple timeframes. On a monthly scale, the token has suffered a 14.22% drop. In the press time daily session, TAO extended its losses, opening with a sharp 5.05% decline, confirming its continued downtrend. AMBCrypto had previously highlighted that TAO was on precautious ground. The current price slide appeared to be driven by broader market weakness, leaving the asset vulnerable to a deeper slump. Can TAO hold its ground at key support? TAO was trading at a critical support level of $488.4 at press time, a zone that has previously triggered significant price reversals. On two prior occasions, this level served as a launchpad for rallies, and traders are now watching closely as TAO makes its third test of this support. If history repeats itself, a successful rebound could see TAO rally to $682.2. However, failure to hold this level may open the door to further declines. Initial downside targets lie at $403.4, with a deeper drop to $355.8 possible if selling pressure intensifies. Source: TradingView To forecast TAO’s next move, AMBCrypto analyzed additional metrics, highlighting key factors that could determine the asset’s trajectory. Bearish sentiment takes hold of TAO Market sentiment around TAO has shifted bearish, according to AMBCrypto’s analysis using Coinglass data. In the past 24 hours, TAO’s Exchange NetFlow has turned positive, indicating more tokens have been deposited into exchanges than withdrawn. A positive NetFlow typically signals potential sell-offs as traders position themselves to offload their holdings. At the time of writing, over $3.90 million worth of TAO had been deposited, likely with the intent to sell. Source: Coinglass Additionally,…
Filed under: News - @ November 19, 2024 12:27 am