Is Bittensor (TAO) Ready to Explode or Continue its Downtrend ?
Bittensor (TAO) fell below the $216 level on April 6 and reached $167 on April 7. Since then, it has bounced back by about 30% to retest the $216 zone, a key horizontal level from last month.
The daily chart of Bittensor shows that the downtrend has been in place since the last week of January when the previous low of $416 was broken. In the following weeks, the $434-$450 range shifted from support to resistance, which manifested towards the end of February.
Over the past six weeks, OBV has been steadily declining as TAO prices dropped from $470 to $180. In recent days, the $216 level has also flipped from support to resistance. Further losses were expected, and a price move towards $140-$126 seemed likely in April (the red demand zone).
Surprisingly, while Bittensor’s daily OBV has seen a slight increase in recent days, the CMF has shown a significant rise over the past week, reaching +0.05, a level some analysts use to denote significant inflows of capital.
Traders’ Sentiment
The liquidation heatmaps for 1 month and 1 week show significant liquidity zones around $240 and $220. These levels are short-term price targets as they are notable magnetic areas near the current price.
Once $220 is reached, a bearish reversal becomes a possible consideration. It becomes more uncertain if $220 will see a bearish reversal or if TAO can climb to $240. Traders need to prepare for both possibilities. $240 also represents the 20-day moving average.
Alternatively, if the momentum shifts and TAO rises above $240, traders need to be even more cautious as this would likely lead to a rebound towards $280-$300, the 50-day moving average. Until $240 is reclaimed as short-term support, traders can maintain a bearish outlook.
Other indicators suggest optimism in the short term for TAO. The Supertrend has just turned bullish in 4H (though still red on the daily). And the Mean reversion Channel’s Bollinger band has tightened, indicating a strong movement on the way. TAO could indeed reach $240 today or tomorrow. But the medium-term trend remains bearish.
How to Buy TAO on Bitget?
TAO appears bullish in the short term and could increase by 15% in the upcoming days. Here is a practical guide to buy TAO now on Bitget :
- Create a Bitget account
Visit the official Bitget website and sign up with your email or phone number. Validate your registration through the received code and activate Two-Factor Authentication (2FA) to secure your account. - Verify your identity (KYC)
Complete the KYC verification by submitting an ID document and, if required, proof of address. This quick step is necessary to unlock all trading features. - Add funds
Go to “Deposit” and top up your wallet with cryptos (USDT, BTC, etc.) or via fiat (credit card, bank transfer). Follow the instructions to finalize the deposit. - Access the market
Head to “Spot Market” or “Trading,” type “TAO” in the search bar, and select the TAO/USDT pair to open the trading interface. - Make the purchase
Choose a market order for an instant purchase or a limit order to set a specific price. Enter the desired quantity of TAO, verify, and then confirm.
