Bittensor (TAO) is holding a key weekly demand zone, which is being closely monitored by market analysts as it continues to attract buying interest around a historically significant support level. This price action is being closely monitored as it has previously been used as a base for significant upside moves.

At press time, TAO is trading at $238.34, up 3.40% over the last 24 hours, according to market data from CoinMarketCap. Daily trading volume stands at approximately $172.7 million, while the project’s market capitalization is hovering near $2.53 billion, indicating steady participation as investors assess near-term direction.

TAO is also holding up above a demand zone, which has been a zone where the price has come to reset on multiple occasions. Holding up above this zone is viewed as a positive, especially with the continued interest in AI-based cryptos in the market.

Bittensor (TAO) Eyes Recovery Above Demand

Crypto analyst CryptoPulse noted that TAO continues to respect its weekly demand levels and that this area is a favorable accumulation zone for long-term participants. According to the analyst, this area has consistently been a point where buyers enter the market and continue to hold up the larger structure as long as this level is respected.

However, in the near-term outlook, CryptoPulse stated that as long as the price continues to hold above the demand area, it could lead to a more substantial recovery pattern in the future.

While the price levels are speculative, the analyst mentioned that the $500 region is one that could be of interest if the momentum continues to increase, as it has been a major inflection point in the past.

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TAO Technicals Strengthen at Support

Another analyst, LSTRADER, also commented on the technical position of TAO, saying that it was “one of the more resilient charts of the day.” The analyst pointed out the increasing community involvement and interest in the Bittensor project, indicating that the interest in the project is increasing in accordance with the improved price structure.

Overall, Bittensor is again in the spotlight as the TAO price defends a key weekly support level while also receiving positive technical analysis from multiple analysts. The key question will be whether the price can hold this level in the coming days, as it may be the key determinant in the price direction going forward.

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