Bittensor (TAO) is currently trading around $281.27, with a 24-hour trading volume of $73.9 million. The cryptocurrency has seen a 4.17% decrease in the last 24 hours.
Support and Resistance Levels
- *Support Levels*:
- $268.02 (key support level)
- $256.42 (lower support)
- *Resistance Levels*:
- $313.14 (first major resistance)
- $357.30 (next resistance level)
Current Scenario
The technical indicators are showing a bearish trend, with the price sitting below the exponential moving averages. The RSI (14) is at 47.19, indicating a neutral zone. The market sentiment is bearish, with 12 sell signals and 0 buy signals ¹ ².
Taking Long
Considering the current bearish trend, it's essential to exercise caution when taking a long position. However, if you're looking to enter the market, you could consider the following:
- Wait for the price to break above the $313.14 resistance level, indicating a potential bullish trend.
- Keep an eye on the support levels, as a drop below $268.02 could lead to further price decline.
