Bittensor Token TAO Under Pressure: Price Falls Despite Upcoming Halving
The TAO price of Bittensor has fallen by over 6 percent within 24 hours and is trading well below important technical levels.
The price of the Bittensor token TAO is currently under considerable selling pressure. Within the last 24 hours, the price fell by 6.46 percent to $262, after previously trading at $280.10 [1]. The market capitalization currently stands at approximately $2.5 billion.
Technical analysis shows a clearly bearish picture: The price is trading below the 20-period exponential moving average (EMA-20) at $278.87 and is forming a sequence of lower highs and lows [1]. Particularly significant is the Relative Strength Index (RSI) with a value of 17.44, indicating a strong oversold condition.
Despite the upcoming halving, in which the block reward for miners will be cut in half, the market is showing no positive reaction initially. Analysts see short-term support levels at $259.04 and $257.90, while resistance levels lie at $278.87 and $294.67 [1]. The increased volatility with a Bollinger Band width of $47.93 suggests an elevated risk for further rapid price movements.
The token's all-time high stands at $757.60 [1].
Sources
- [1]btc-echo.de
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