According to market analyst Rekt Capital, TAO is currently locked in a key consolidation range between $350 and $434, with the orange zone now acting as crucial support. After failing to close a weekly candle above the $434 resistance—signaling bearish confirmation—TAO slid lower into this long-tested area of historical demand.
The orange region has repeatedly served as a launchpad for price rebounds, including a recent bounce back in April. For now, this zone remains intact, helping to prevent a deeper correction.
As long as the price stays above this level, Rekt Capital suggests that TAO can continue consolidating within the broader orange-blue range and potentially curl up again toward the $434 resistance over time.
However, the bearish scenario remains on the table. If TAO were to close below the orange zone on the daily chart and flip it into resistance, history suggests a sharp decline could follow. On both prior occasions when this bearish confirmation occurred, TAO dropped to as low as $216.
Despite the market’s recent pullback, Rekt Capital cautions against giving in to “bearish euphoria.” He emphasizes that as long as the orange support continues to hold, the consolidation phase within the $350–$434 range remains active—and the outlook neutral-to-positive.
Kosta Gushterov
Reporter at Coindoo
Kosta has been a part of the team since 2021 and has solidified his position with a thirst for knowledge, incredible dedication to his work and a “detective-like” mindset. He not only covers a wide range of trending topics, he also creates reviews, PR articles and educational content. His work has also been referenced by other news outlets.
Source: https://coindoo.com/market/bittensor-holds-critical-support-range-as-bears-test-350-434-zone/