Bittensor (TAO) Eyes $240 Amid Mixed Signals
Key Takeaways
- The price of Bittensor (TAO) briefly recovered by 30% from $167 to $216.
- Technical indicators show mixed signals: while the CMF (Chaikin Money Flow) suggests capital inflow, the market structure remains bearish.
- Resistance at $220 and $240 could be tested in the short term before a potential correction sets in.
- Traders should monitor both scenarios – breakout or pullback.
Current Price Development of TAO
Bittensor (TAO) showed significant volatility in early April. After dropping to $167 on April 7, the price recovered to $216 – a level that had served as key support in recent weeks but now acts as resistance. The short-term trend remains downward, as TAO continues to trade below the 20-day moving average.
Technical Analysis: Bearish Trend Despite Buying Pressure
Since the end of January, TAO has been in a downtrend. At that time, the price fell below the $416 mark. In the following weeks, the area between $434 and $450 shifted from a support to a resistance zone.
The On-Balance Volume (OBV) indicator, which measures trading volume in relation to price movement, has been declining for weeks. This indicates waning interest and selling pressure. However, the CMF recently rose to +0.05 – a sign of capital inflows. This discrepancy between volume and money flow adds complexity to the situation.
Key Price Zones: $220 and $240 in Focus
Data from liquidity analysis shows that larger liquidity clusters have formed around the $220 and $240 levels. These zones act like magnets for price movement, as many stop-loss and take-profit orders are concentrated there. A short-term rise into these regions is possible.
If TAO can sustainably break above the $240 area, a further increase to $280–$300 could follow. However, if the price remains below this level, a pullback to $140–$150 cannot be ruled out.
How You Can Position Yourself as a Trader
The current market environment requires flexibility. You should be prepared for both a breakout above $240 and a possible correction. As long as $240 is not established as support, the bearish scenario remains dominant.
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Set stop-loss levels consistently and monitor the development of the mentioned resistance and support zones. Increasing volatility, as indicated by the Bollinger Bands, suggests stronger price movements in the near future.
Our Assessment
TAO is in a critical phase. Despite the short-term recovery, the overall trend remains negative. The capital inflow indicated by the CMF is a positive sign, but not sufficient on its own to signal a trend reversal. As long as the price stays below $240, caution is advised. Traders should incorporate both scenarios – breakout or decline – into their strategy and closely watch key technical levels. TAO remains speculative in the short term.
Sources
- TradingView
- Coinglass
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