Bittensor Token (TAO) Tests Key Support at $194 Amidst Bearish Trend

The Bittensor token, also known as TAO, has been testing its key long-term support at $194, but bears seem to be retaining the upper hand. According to recent data, TAO was down 2.1% in the past 24 hours and nearly 4% over the past week.

A swift bounce from $194 to $291 in mid-June did not translate into a bullish trend recovery, and it's interesting to note that this very same support zone is where prices recently slid below.

The weekly chart of TAO shows a range formation between $168 and $496 since April 2025. This indicates that the rally beyond $300 earlier this year was only part of a move towards the mid-range resistance at $330.

Furthermore, the OBV has been falling lower with no pause since March, showing steady selling pressure. The MACD has also been below the zero line for most of 2025, suggesting that bulls are weak and bears control the markets.