Bittensor’s token TAO dropped 2.1% over the past day and almost 4% in the last week. After a sharp rebound from $194 to $291 in mid-June, the token failed to sustain a bullish momentum. Instead, TAO recently slipped beneath the key $194 support level, which had previously held firm.
Since April 2025, TAO has oscillated within a broad range between $168 and $496. The peak above $300 earlier this year was a partial move towards resistance near $330. However, the persistent decline in the On-Balance Volume (OBV) since March signals ongoing selling pressure. The MACD indicator has hovered mostly below zero throughout 2025, reaffirming bearish dominance.
Despite the weekly chart painting a weak picture, the daily timeframe hinted at a possible reversal when TAO retraced to the 78.6% Fibonacci level around $194. Still, this support has been tested twice since June and rejected quickly, indicating sellers remain in control. Prices settled below the 20-day moving average and buying volume has stalled, suggesting bearish momentum persists.
Unless buyers regain strength soon, TAO might revisit the lower bound near $168 or even dip further. Market players should watch this level closely for signs of renewed demand.
