Bittensor

Date: Wed, Nov 20, 2024, 05:22 AM GMTIn he cryptocueewncy market, <a href="https://coinsprobe.com/top-ai-tokens-render-and-grt-gains-bullish-momentum-following-key-breakouts-is-a-rally-ahead/" rel="noopener noreferrer nofollow">AI-Tokens</a> like Render (RENDER) and The Graph (GRT) have enjoyed a strong week, each climbing over 20%, Bittensor (TAO) is moving in the opposite direction. The token has dropped over 14% in the last seven days and 20% in the past month, signaling a bearish trend despite a bullish broader market.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/74e14c1f73c049a8a3bf3b658d5ed7cc.png" />Source: Coinmarketcap<h3 id="tao-s-decline-in-focus">TAO’s Decline in Focus</h3>Earlier between September and October, <a href="https://coinsprobe.com/bittensor-tao-resumes-upward-momentum-following-minor-profit-taking-whats-next/" rel="noopener noreferrer nofollow">Bittensor (TAO)</a> experienced an explosive rally, surging from $220 to a peak of $674—a staggering 208% gain. However, the token has since been trading within a descending channel, marked by lower highs and lower lows.Currently, TAO is priced at $465, which marks a 25% drop from the recent rejection at $625—the upper boundary of the descending channel. This rejection reinforced the bearish momentum, driving TAO below its critical support of $480.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/ddf4c116bd9242a09c819590d7279d06.png" /><h3 id="key-levels-and-scenarios">Key Levels and Scenarios</h3>The chart above highlights TAO&#39;s technical trajectory:<ul><li>Support Zone: TAO is now hovering around the $460–$466 range, a minor support zone. If it holds, a reversal could drive the token toward $493, a short-term resistance level.</li><li>Breakdown Risk: Failure to sustain this support might lead to a deeper drop toward $409, a 12% decline from the current price.</li></ul>The Relative Strength Index (RSI) sits in bearish territory, suggesting limited immediate buying pressure.<h3 id="outlook">Outlook</h3>For TAO, maintaining the $460 level is critical to avoid further bearish moves. A breakout from the descending channel, coupled with strong volume, could shift momentum and re-ignite a bullish run. However, without significant market catalysts, TAO&#39;s path remains uncertain.Disclaimer: This article is for informational purposes only and not financial advice. Always conduct your own research before making investment decisions.Also Read: <a href="https://coinsprobe.com/keanu-knu-meme-token-launches-on-pump-fun/" rel="noopener noreferrer nofollow">Keanu (KNU) Meme Token Launches on Pump.fun.</a>

Bittensor (TAO) Marks Significant Decline Amid Correction: What to Expect Ahead?

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