TAO Price Hinges on Bitcoin Surge Amid Trending Tokens List Inclusion

TAO's price has been on a downward trend despite its inclusion in the trending tokens list, losing over 2% of its value in the last 24 hours.

The altcoin's daily volume of $90 million has also followed this trend, with liquidity levels suggesting that TAO may be making lower lows and forming a base for potential reversal.

A similar price movement occurred in early June when TAO bounced back from $180 with a 59% upside rally.

However, historical performance indicates that the Open Interest (OI) has been falling, but flattened at around $127 million, hinting at a lack of enough buying power for a bullish reversal.

The price of Bitcoin would need to surge for TAO to benefit, given their correlation coefficient has risen to 0.89, although this could also lead to further decline if the trend continues.