Bittensor Price Plunges Amid Surging Volume and Oversold Conditions
Bittensor (TAO) continues to struggle in the market, experiencing a sharp daily decline of 7.45% and trading at $248.3. The asset is positioned below its short- and medium-term moving averages but remains above key long-term averages.
The recent surge in trading volume has more than doubled, exceeding 55% above its 30-day average, resulting in higher market participation and liquidity. This increased activity can lead to larger and more rapid position changes, causing intensified short-term price swings.
According to technical indicators, TAO/USD is currently oversold, with a bearish momentum persisting below key resistances. The expected range for Bittensor's price is $235.55 to $261.05, with a stronger probability of further downside at 71% versus an up move at 29%. A bullish scenario would require a clear breakout above the Ichimoku Kijun level at $259.65.