- Bittensor (TAO) price has dropped by over 4% on a daily chart following a downfall in the crypto market, declining its value to near $301.
- If the cryptocurrency slips below $300, it might create a sharp drop in TAO price and send it to near $293. However, if it manages to resist this drop, then it might see a rebound in the upcoming time.
- According to experts, the fundamentals of Bittensor are very strong, which helps it to gain the attention of investors.
On April 2, Bittensor (TAO) experienced a downward momentum with a drop of around 4% on a daily chart following a bearish sentiment in the overall crypto market, where Bitcoin (BTC) again plunged near $66,000.
According to CoinMarketCap, Bittensor is currently trading at around $301.24 after a drop of 4.35%, along with a market capitalization of $3.25 billion.
Bittensor Price Dips Amid Turmoil in Crypto Sector
Bittensor is currently facing a classic shakeout. The price got rejected at $365 and then dropped more than 10% very quickly. According to experts, despite this drop, there are traders who are silently scooping up the cryptocurrency by buying on the dip.
The major support level to watch from this is around $300. If the cryptocurrency manages to stay above this level, it can give it a setup for a bullish pattern. If the price climbs back above $330, this could spark a momentum in the cryptocurrency. In the next price target, if it soars above $365, it opens a door toward a major rally toward $400 or higher.
(Source: TradingView)
Despite the downward trend in cryptocurrency, its fundamentals are getting stronger, thanks to growing discussion around decentralized artificial intelligence. This sector is gaining the attention of investors. Even when Bitcoin was falling and losing momentum, Bittensor has managed to withstand this downfall way better than other altcoins.
The drop in the TAO price is mainly due to the market going down as selling pressure increases and creates fear in the crypto market. Also, investors are staying away from riskier assets like cryptocurrency in the ongoing turmoil in the financial world and geopolitical uncertainty due to the war in the Middle East between the U.S. and Iran.
This price movement in the TAO is showing that it is more like a reset before an upward momentum rather than a full reversal. However, if the cryptocurrency falls below $300, then it might push TAO toward $260.
According to TradingView, the current Relative Strength Index (RSI) is around 45. This is showing that the cryptocurrency is in a neutral zone and it is holding a neutral ground, neither in an overbought nor oversold zone.
However, the Moving Average Convergence Divergence (MACD) is indicating a sell signal. This indicator is used to identify the relationship between two moving averages. It is showing that short-term momentum is getting weaker than long-term trends.
Apart from $300, the major support levels where buyers have taken control revolve around $298 to $295. If the price falls below this level, the next major trend line to watch is at $293.
On the other hand, in the case of upward momentum, there is major resistance at around $305, along with strong obstacles at $309 and $312. At these levels, sellers might take entry.
Bittensor (TAO) is a decentralized blockchain network, which is designed as a peer-to-peer marketplace for artificial intelligence.
This blockchain network allows machine learning models from different parts of the world to connect and exchange intelligence easily. TAO is a native token of this blockchain, which is useful to participate in the network activity, such as training models. It has a fixed supply of 21 million TAO, similar to Bitcoin.
It is expected that blockchain is going to play a major role in making AI more open, secure, and fair for everyone.
Also Read: Zcash Price Drops 5% as Market Faces Selling Pressure
Source: https://www.cryptonewsz.com/bittensor-tao-price-slip-major-support-300/
