Market
Could Bittensor (TAO) Price Face A Downside?
Bittensor (TAO), one of the leading artificial intelligence coins in the market, is currently showing signs of consolidation. Market indicators suggest indecision, with neither buyers nor sellers taking firm control.
TAO’s movement appears range-bound, lacking clear momentum to either break higher or fall significantly lower. The EMA lines suggest the possibility of a “death cross,” which could spark a significant correction if the market loses momentum further.
TAO Ichimoku Cloud Shows Consolidation
The Ichimoku Cloud chart for TAO shows a mixed picture of the current market conditions. The price is currently trading near the cloud, suggesting indecision.
The cloud itself (Kumo) is mostly flat and has both green and red areas, indicating an overall neutral trend. The price recently tried to break above the cloud, but failed to gain significant upward momentum, indicating resistance.
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The Tenkan-sen (Conversion Line) and Kijun-sen (Base Line) intersect near the current price, suggesting the market is looking for direction. The leading span A and leading span B, which form the cloud, are not diverging sharply, pointing to potential range-bound movement.
If TAO, which is the biggest artificial intelligence coin in the market today, can break decisively above the cloud, it could indicate a bullish shift. Conversely, a fall below the lower cloud boundary would suggest a bearish trend. At the moment, the market appears hesitant, with buyers and sellers evenly matched, leading to sideways movement.
Bittensor RSI Is Back To 50
TAO’s RSI is currently at 50, rising from 31 just a day ago. This swift movement suggests renewed buying pressure, bringing market sentiment to a neutral level.
A jump from oversold conditions to a midpoint like this often implies a shift away from strong bearishness but not necessarily toward bullish dominance yet.
The Relative Strength Index (RSI) measures momentum by indicating whether an asset is overbought or oversold. An RSI of 50 means that the market sentiment for TAO is currently balanced.
At this level, there is no strong bias towards buying or selling, suggesting that the price might consolidate until new catalysts drive momentum in either direction.
TAO Price Prediction: No $700 Level in the Near Term
The TAO price chart shows that the price is currently in a consolidation phase, trading between key support and resistance levels. Resistance lies at $600 and $618, where previous attempts to break above have failed, while the support levels at $503 and $473 are holding for now, providing a cushion against further downside.
The EMA lines also reflect this sideways action, with the short-term EMAs getting closer to the long-term ones, indicating reduced bullish momentum.
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The short-term EMA lines are on the verge of crossing below the long-term EMA lines, which, if confirmed, could form a “death cross.” A death cross typically signals a bearish reversal, implying that downward pressure could intensify and trigger a significant correction.
If TAO price can recover its uptrend, it could test the resistances at $600 and $618 soon. This would mark a potential 12% price surge. However, if the uptrend isn’t strong enough and the trend is reverted, TAO could go as down as $473, marking a 14% price correction.
Disclaimer
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