Bittensor [TAO] It was among the altcoins to see a substantial drop in value over the past 24 hour period. TAO, which has fallen by nearly 7% per day, is now in red since the beginning of September.
Since Monday, the CVD spot has been declining as well. These indicators indicated a lack in spot demand and derivatives. TAO may have a five-day losing streak if this trend persists.
After reaching a three-month high at $277, the altcoin suffered a loss of a streak. going live on Raydium.
Are the buyers able to overcome the temporary lull in the market and continue the rally? These short-term losses are they a sign of a shift in momentum?
Bittensor fails to reach $300 for the second time.
In April 2025 the Bittensor Weekly chart recorded a swing-low at $167.8. The weekly candle closed at $163.2 in February of 2026. It confirmed the bearish swing pattern.
On a weekly scale, the pivot points to be watched are $142.8 and $3577.8. If the $291.6 level is breached it could result in some gains on a short to medium term basis.
The RSI for the weekly timeframe is 49, which indicates neutral momentum. However, the OBV shows a consistent downtrend that has been going on since October. This reflects bear market conditions.
Once the swing point of $377.8 is breached, a bullish recovery will begin. The $300 round psychological number will also be a key supply area to watch on the way.
Call to Action for Traders: Expect More Drawdown
The price structure was still bearish despite the recent rally that took the stock from under $200 to almost $280. It was hard to ignore the $291.6 June high, which is just below a key supply zone of $300.
Bittensor will need aggressive and sustained demand to overcome this resistance level. If Bitcoin experiences another price drop after failing to hold the $80k BTC mark, this type of demand may not occur.
Swing traders or investors who are waiting for the altcoin to drop to $190 can purchase it in anticipation of a bullish TAO response.
Final Summary
- TAO has seen a price drop of 7% over the last 24 hour and a decline in Open Interest just above 14%.
- The weekly structure remained bearish. Bulls failed to take the $300 mark as support for a genuine recovery.
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: ambcrypto.com
