• Bittensor declines 4.26% daily and 18.54% weekly, yet holds key support.
• Trading volume up 10.91% suggests renewed buyer interest.
• A breakout above $375 could open the path toward the $495 target.

Bittensor (TAO) continues to demonstrate resilience despite short-term price pressure. Over the past 24 hours, TAO has declined by 4.26%, and by 18.54% over the past week.

However, the asset is showing signs of strength by defending a crucial support level near $353. The broader sentiment remains cautiously optimistic, as technical and on-chain signals suggest a potential trend reversal.

Currently, TAO is trading at $353.29, with a 24-hour trading volume of $121.47 million, an increase of 10.91%. This volume increase, even during a price dip, indicates that buying interest is returning, possibly absorbing recent sell pressure. TAO’s market capitalization stands at $3.37 billion, reflecting its established position in the market.

TAO Faces EMA Resistance at $370–$375

From a technical standpoint, Bittensor is trading just above the 20-week simple moving average, which functions as immediate support. It remains underneath the 20-week EMA ($370.35) as well as the 50-week EMA ($374.72).

Hence, the $370–$375 zone becomes the next key resistance point. If TAO breaks through that zone, it may generate upside momentum toward the long-term target of $495.

Weekly Bollinger Bands are contracting, which suggests that a volatility spike should break out sometime soon. This usually means that a breakout should happen, but we don’t know the direction of that movement.

The MACD histogram remains positive at +3.88, indicating there still exists inherent momentum, which, however, has weakened. The MACD line remains just north of the signal line, which validates mildly positive expectations. The RSI at 48.15 remains neutral, neither overbought nor oversold, which accords with sideways movement presently.

Also Read: Bittensor (TAO) Eyes Strong Upside Breakout Toward $740

Derivatives Data Suggest Cautious Optimism

Open interest has increased 1.44% to $299.08 million, but the volume of trades has dropped 15.45% to $251.63 million. This means that market participants are holding their ground, possibly anticipating a breakout.

The net positive funding rate of +0.0049% reflects weak bull sentiment from speculators that are financed on margin, but no strong convictions.

If TAO successfully crosses the $370–$375 resistance level, there lies a probability of long-term upside movement towards $495. Until that time, we may still experience consolidation at the $340–$360 level.

Also Read: Bittensor (TAO) Jumps 45% as AI Blockchain Momentum Builds