$TAO Approaches Breakout as Weakening Selling Pressure Meets Network Upgrades

Bittensor's price has been on a downward trend since peaking at $292.2 in late June, but recent selling pressure appears to be weakening.

The token has formed a falling wedge pattern, which often indicates a shift from bearish conviction to a potential reversal.

This pattern suggests that buyers have defended the critical support level of $182.5 several times since January, making it a crucial foundation for the current structure.

Momentum indicators also point to a reduction in selling momentum, with the RSI rebounding to 45.23 and the MACD showing a slight positive turn.

The latest upgrades to Bittensor's network, including a new conviction mechanism that rewards users for keeping their $TAO locked over longer periods, strengthen its long-term foundation and may increase demand.