Bittensor Price Prediction: TAO Is Biggest Loser In Crypto Crash With 23% Plunges As Investors FOMO Buy This AI Meme Coin With Just Hours Le...

Bittensor Suffers 23% Decline in Price Amid Market Turmoil

The Bittensor (TAO) price has witnessed a sharp drop of 23% in the past 24 hours, trading at $192 as of 12:30 a.m. EST. This decline coincides with a surge in trading volume by 54%, reaching $81 million.

Market Factors Influencing Price Drop

Bittensor's price decline aligns with a broader market downturn, triggered by investor concerns following a rate cut by Japan. This move led to panic selling amid fears of a potential recession, as the US Fed maintained interest rates instead of implementing a reduction.

Bittensor Price Analysis

Bittensor has historically delivered significant returns, reaching an all-time high of $755.01 in 2023-2024. However, it encountered a resistance level, leading to profit-taking and a 70% correction.

Bullish sentiment attempted to regain momentum at the $215 support level. However, the $358 resistance level has pushed the price down, approaching the crucial $200 support. A break below $300 and the 50-day SMA has intensified the decline, accompanied by bearish signals from the RSI indicator.

Bulls Seek to Regain Momentum

Despite the bearish pressure, Bittensor remains above the 200 SMA, offering potential for a price recovery. Additionally, the RSI is approaching oversold territory, suggesting the possibility of a reversal.

Price Prediction

Analysts suggest a potential short-term decline towards support levels at $180 and $155. Conversely, an uptick in momentum could lead to resistance at $330 and $358.

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