$TAO Fails to Sustain Breakout Above $205
The price of Bittensor's cryptocurrency, TAO, briefly reached $205 on August 12 but failed to sustain its upward momentum. Despite a recovery from the August lows, the breakout remains uncertain due to weak inflows and a lack of conviction.
Futures open interest has approached $300 million, indicating that traders are building positions. However, the capital flowing out and a weak trend mean the move has not gained traction yet.
$TAO was trading at around $199.65, down 0.95% after reaching $205.56 earlier in the day. The daily rally briefly carried the price above $203.75 but failed to stay there.
The buyers still need a daily close above the $204-$206 area for the price to reach $220. Below the current price, losing $195 would put $TAO back under the middle Bollinger Band, with the lower band at $186.27 offering the next reference.