Bittensor’s TAO has struggled to maintain momentum over the past month, recording a 12% decline in September and trading near $338 at the time of writing.
Despite a modest intraday rebound of over 4%, the token remains far below its July highs above $500, highlighting the pressure from persistent selling.
Technical Picture Shows Caution
On Binance, TAO has been consolidating after weeks of steady downtrend. The 1-hour chart shows RSI approaching overbought territory at 70, suggesting the latest bounce may soon face exhaustion.
Meanwhile, the MACD indicator is hovering close to the neutral line, showing only a slight bullish bias with limited momentum so far.
Market cap currently stands at $3.33 billion, ranking TAO as the 35th largest cryptocurrency. Despite the pullback, the project has maintained strong community interest, with nearly 270,000 watchers on CoinMarketCap.
Analyst Targets and Key Levels
Prominent analyst Michaël van de Poppe noted that TAO’s near-term trajectory depends on whether it can reclaim the 20-day EMA.
According to him, a successful break above this level could trigger a “strong move upwards” after more than a month of declines. He added that the token still has not come close to its $1,000 milestone, leaving significant upside potential if momentum turns in its favor.
For now, TAO trades in a tight range between $330 and $360. Failure to build momentum above resistance could send the token back toward its lower support area near $300, while a convincing breakout may open the path toward $470 in the medium term.
The information provided in this article is for informational purposes only and does not constitute financial, investment, or trading advice. Coindoo.com does not endorse or recommend any specific investment strategy or cryptocurrency. Always conduct your own research and consult with a licensed financial advisor before making any investment decisions.
Source: https://coindoo.com/market/bittensor-tao-price-struggles-but-analysts-see-breakout-potential/