• Bittensor (TAO) extends its weekly decline with a 7.64% loss.
• Symmetrical triangle pattern signals a possible near-term breakout.
• Market volume drops sharply as traders reduce exposure.
• Neutral funding rate points to short-term consolidation.

Bittensor (TAO) continues to move on a downward trajectory as bearish sentiment tightens its grip on the market. Over the last 24 hours, TAO has slipped by nearly 3.51%, deepening its weekly decline to 7.64%. The sustained weakness indicates that buyers are losing momentum after recent attempts to stabilize the token.

At the time of writing, TAO is trading at $376.53, with a 24-hour trading volume of $554.9 million, down sharply by 32.46%. Its market capitalization stands at $3.81 billion, down by 3.19%, confirming that investor participation is fading.

Also Read: Bittensor (TAO) Nears Breakout: Will Bulls Push It Beyond $450?

Technical Setup Hints at Imminent Price Breakout

According to market analysis, the TAO 4-hour chart shows a symmetrical triangle pattern that indicates consolidation and reduced volatility. Price action is tightening between converging support and resistance lines, suggesting an impending breakout. This structure shows market indecision, but as the range narrows, a strong directional move is likely. Traders are closely watching for a momentum-based breakout confirmation.

TAO is currently progressing slightly above the lower support trendline. This level has been a major demand base, preventing further setbacks. Upper resistance lies between $420 and $430, where previous attempts were rebuffed. A confirmed breakout beyond this level could establish bullish sentiment, while a break below $370 could persist in short-term weakness.

Momentum indicators suggest renewed bullish power, as Heikin Ashi candles change from red to green. This indicates buyers are taking over around the lower edge of a triangle. Continued trading over $420 may reach $450–$470 levels, while a break below the $380 level may send prices towards $350. Overall, sentiment remains cautiously bullish.

Falling Open Interest Reflects Market Caution

TAO’s open interest declined 5.88% to $216.31 million, indicating traders are closing out positions following recent volatility. This downtrend shows decreasing speculative interest and a conservative market sentiment. Lower OI usually leads to consolidation, which may result in TAO entering a period of stabilization before its next major price swing.

Conversely, the OI-weighted funding rate is at 0.0024%, indicating neutrality between shorts and longs. Balance shows that no side prevails yet, and prices could yet range sideways in the near term. Overall, TAO’s layout signals a cautious but balanced state, with subsequent spikes in volumes serving as a possible determinant of a major move.

Also Read: Bittensor (TAO) Eyes $450 Post Grayscale Filing