TAO Price Plunges 10% After Hitting Resistance
The price of Bittensor's token (TAO) declined sharply after hitting resistance at $329, ending its bullish momentum. The altcoin fell by 10% in just 24 hours over three consecutive days.
This correction may be attributed to profit-taking as traders locked in gains near the key resistance level. The recent price action was a sharp rejection of the $329-resistance, which put an end to TAO's bullish momentum.
The token's daily chart shows that the nearest EMA support zone below the press time price is a key level for buyers to defend. At the time of writing, TAO was trading at $287, just 3 days after it closed above the previous swing high at $289.
A hold above this dynamic support could give TAO some room to stabilize after the recent sell-off. However, a decisive break below the EMA could expose the token to deeper downside as selling pressure builds.