CandleFocus

Bittensor (TAO) at Risk of Sharp 62% Decline if This Key Level Fails to Hold

The price of Bittensor (TAO), an artificial intelligence-related token, has been trending within an ascending channel since September, experiencing a 150% increase. However, as buying pressure diminishes, there is a possibility of a decline in price. The altcoin is currently trading close to the lower line of the ascending channel, indicating potential support. Key indicators such as Chaikin Money Flow and on-balance volume suggest a bearish outlook for TAO. If selling momentum persists, the price could fall towards the support level of $558.80, and further down to $219.60 or $163.70. On the other hand, if new demand enters the market, there may be a rebound and a potential breakout towards $1,249.

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