Bittensor

Date: Mon, Nov 18, 2024, 12:30 PM GMThe cryptocurrency market is witnessing significant growth in AI tokens like <a href="https://coinsprobe.com/render-gains-bullish-momentum-following-key-breakouts-whats-ahead/" rel="noopener noreferrer nofollow">Render (RENDER)</a> and Near Protocol (NEAR), which surged by 42% and 18%, respectively, in the last 30 days. However, Bitttensor (TAO) is moving against the broader market trend, dipping over 15%.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/cca3d50d2d3c4e07800ba940d7528034.png" /><h3 id="bittensor-tao-dips-to-key-support-level">Bittensor (TAO) Dips to Key Support Level</h3>Since hitting a recent high of $625 on November 12, TAO has experienced a correction of more than 20%, with its price currently sitting around $487. This drop has brought TAO into a key support zone between $480 and $492, making this a pivotal point for the token’s near-term price action.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/cbff4e6609db4152b5cdb79d13a66b87.png" />The accompanying chart highlights TAO’s trajectory within a descending channel, which has constrained its movements for the past several weeks. As TAO hovers near the lower boundary of its support range, two possible scenarios unfold:<ol><li>Bullish Case: If TAO manages to hold above this support level and rebounds, it could climb toward the upper trendline of the descending channel. A recovery to the $580 mark would represent a potential 19% upside from current levels.</li><li>Bearish Case: If TAO fails to hold this critical support zone, further downside could be in store, with the next significant support level around $409. This would represent a deeper correction of approximately 16%.</li></ol><h3 id="what-to-watch-next">What to Watch Next?</h3>The $480-$492 zone remains crucial for determining TAO’s trajectory. Traders and investors should monitor:<ul><li>RSI Levels: Currently around 36, the RSI suggests TAO is approaching oversold conditions, which could provide a bullish divergence if buying pressure increases.</li><li>Volume Trends: A spike in buying volume could confirm a reversal, while declining volumes may indicate further bearish momentum.</li></ul>For TAO to shift its bearish momentum, breaking out of the descending channel will be critical. On the other hand, a failure to hold $480 could lead to increased selling pressure.Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always conduct your own research before making any investment decisions.Also Read: <a href="https://coinsprobe.com/wefi-to-enter-new-phase-of-defi-following-november-wfi-token-generation-event/" rel="noopener noreferrer nofollow">WeFi to Enter New Phase of DeFi Following November $WFI Token Generation Event.</a>

Bitttensor (TAO) Dips to Key Support Level Amid Correction: What to Expect Ahead?

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