Bittensor Price Drops Amid Bearish Trend

Bittensor (TAO) has seen a significant decline in its price over the past 24 hours, down nearly 7% from its previous value. This drop comes after the altcoin reached a 3-month high of $277 following its integration with Raydium.

The Open Interest has also declined by 14.3% in the same period, indicating a lack of demand for both spot and derivatives. If this trend continues, TAO could experience five consecutive days of losses.

Despite reaching a high of nearly $300, Bittensor's price structure remains bearish, with a key resistance level at $377.8 that needs to be broken for a bullish recovery to occur. The Relative Strength Index (RSI) on the weekly timeframe is currently neutral, but the On Balance Volume (OBV) has been in a downtrend since October.

Traders are advising caution, suggesting that the price may dip further before a potential recovery. They recommend waiting for a price drop to $190 to buy TAO in anticipation of another bullish reaction.