Bittensor (TAO) Price Reaches Lowest Point Since August 2024 — More Decline Likely

Key Takeaways

• TAO dropped to $205, its lowest value in eight months, after a 60% decline since January 2024.
• The descending channel and negative AO reading indicate continued bearish momentum.
• RSI below 50 confirms weak buying pressure, making a bounce toward $330 or $400 difficult.
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Bittensor (TAO) price has dropped to its lowest value in eight months, reaching $205 for the first time in August 2024. This decline occurred after the cryptocurrency price collapsed by 60% at the beginning of this year.

Typically, corrections like this mark the bottom and foreshadow a rebound. However, this does not seem to be the case for TAO, which is facing intense bearish sentiment.

TAO Falls Again

TAO’s price attempted to hit $800 in December 2024. However, it faced rejection and aligned with the broader altcoin correction.

This year, its highest point is near $600, while it continues to hit lower highs and lower lows. On the daily chart, TAO has formed a descending channel, indicating that a recovery in the short term is unlikely.

In line with this sentiment, the Awesome Oscillator (AO) reading has dropped to the negative region. The AO measures momentum by comparing historic price movements with recent ones.

When the reading is positive, momentum is bullish. However, a negative AO rating indicates that momentum is bearish, which is the case with TAO.

Should this trend remain the same, TAO’s price might experience another decline. In addition to that, the Ichimoku Cloud has risen above the altcoin’s value

The cloud’s position indicates that TAO faces resistance at higher levels. As such, the Bittensor token is likely to drop below $200 soon.

TAO Price Forecast: Recovery Not Here

Another assessment of the TAO/USD daily chart shows that the dots of the Parabolic Stop And Reverse (SAR) have risen above the price.

When the indicator’s dots are below the price, it is a buy signal. In that instance, the price increases. However, this current position indicates otherwise, aligning with the thesis that TAO’s price has encountered resistance.

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Beyond that, the Relative Strength Index (RSI) has also dropped below the 50.00 neutral line, which indicates bearish momentum.

Thus, if the momentum remains the same, TAO’s price might find it challenging to bounce toward the overhead resistance at $330. If that is the case, the cryptocurrency value might not get anywhere near $400 in the short to mid-term.

Should that be the case, the token might fall to another low point, possibly toward the $150 mark. If that is the case, then TAO will be confirmed to be in a bear market.

Still, market participants should watch out for key resistance levels.

For instance, if buying pressure increases, the prediction might be invalidated as TAO’s price might rise toward $410.