Bittensor Stalls at $378. Here’s is What’s to Come

Bittensor surged from $330 to $378 on Wednesday. The latest hike marks its third consecutive day of increases.

However, it ended the previous day ended significantly lower than its high. While it peaked near $380, it closed at $359, up nearly 3%.

Looking back at previous price movements, Bittensor briefly flipped $300 on Friday. It retraced afterward, shedding over 8%. In response to the rejection, one analysis noted that its recent failure to hold the mark may result in further decline.

It also stated that the tell-sign of a decisive flip will be a new candle above the highlighted mark. Another outlook reiterated this statement, adding a surge above $365 in the coming days.

TAO’s current high indicates that it performed as predicted. Wednesday marked the first candle above $300 since November. It also reached its highest level in more than 5 months.

In hindsight, the asset is having its biggest uptrend on the 1-month scale. It is up by over 80% this March, the highest increase since September 2024.

The latest improvement is not surprising as the AI is gaining fresh attention. Bittensor, being an AI-linked project, is also attracting more investors. Recent news of Nvidia’s CEO praising one of its exploits has also garnered attention.

Traditionally, the hype and fundamentals will fade. The significant decline on Wednesday may signal the beginning of a massive downtrend or a short pullback. It remains to be seen how prices will react in the coming days. Nonetheless, indicators are blaring warnings.

Bittensor Retraces Lower

Following the correction on Wednesday, TAO is yet to resume its uptrend. It lost momentum on Thursday after rejection at $360. Currently trading at $334, it is down by over 3%.

Interestingly, its current low was the same as the previous day. The bulls may be looking to build demand concentration at $330. Nonetheless, previous price action favors $320 as the next key level.

If the bulls fail to hold this critical level, TAO will retest $300. Failure to defend this mark will confirm the end of the uptrend. Additionally, the bollinger bands are hinting at a significant retracement in the coming days.

One reason for this conclusion is Wednesday’s breakout. The asset surged above the BB during the session. The last time such a breakout happened, it retraced by over 12%. It may be heading for a similar descent.

Interestingly, during the pullback between Mar 16 and 22, the asset was overbought. The relative strength index is currently at 71, down a few clicks from its recent high. Nonetheless, it is still overbought at the time of writing.

In a nutshell, the BB and RSI are the basis for expecting further declines in the coming days. The confirmation that the uptrend is over will come after Bittensor slips below $300.

The fibonacci retracement levels agree with the assertion that losing $300 will lead to a massive decline. TAO is currently trending between 0% and 23% marks, bouncing off the latter twice in less than 48 hours. Losing the barrier will see it drop to the 38% fib level at $300.

The indicator also suggests that the 50% mark has minute demand concentration. This means that after losing the 38% mark, a drop to the 61% level is likely. The asset may retrace below $250 afterward.

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