Bittensor Price Falls 10% as Key $360–$370 Support Breaks

Bittensor (TAO) has seen a sharp price decline, dropping nearly 10% in a single day as it lost its key Fibonacci support zone between $360 and $370 [1]. The price has now fallen to around $342, raising concerns among traders about whether this is a temporary pullback or the beginning of a deeper retracement. Analysts have highlighted $340 as the next critical support level, with further downside risks if the selling pressure continues. Deeper support levels at $323 and $285 are also in focus, as traders monitor for signs of a potential reversal [1].

The breakdown below $360–$370 has intensified bearish sentiment, with the 0.618 Fibonacci retracement at $353 briefly failing to provide support. The 0.705 and 0.79 levels at $338 and $323 are now key areas to watch [1]. Should the price continue to fall, the 1.0 retracement at $285 could become a target, further testing the resilience of the market.

Despite the recent drop, a strong bounce above $360–$370 could trigger a recovery toward $440–$460 and even $512, according to analysts [1]. For such a reversal to occur, the price needs to retest and reclaim the broken support range. Until then, sellers remain in control, and the market remains in a critical phase that will likely define Bittensor’s performance for the rest of August.

The broader cryptocurrency market has also seen declines, with Bitcoin, Ethereum, and several altcoins under pressure. This broader risk-off sentiment has amplified Bittensor’s volatility, with no major macroeconomic or project-specific catalysts currently influencing the asset [1]. Despite the sharp drop, TAO has maintained relatively stable trading volume, with $266.30 million exchanged in the last 24 hours. The market capitalization of $4.98 billion suggests that while Bittensor remains under pressure, it has not lost its relevance in the broader digital asset ecosystem [1].

Traders and analysts remain closely watching the $340 level, as it may determine the next direction for Bittensor. A successful defense of this level could signal the start of a short-term recovery, while a breakdown could accelerate the bearish trend. The coming days will be crucial in determining whether TAO finds support or continues its downward trajectory [1].

Source: [1] Bittensor (TAO) Price Drops Hard, Bulls Eye $340 Support (https://blockonomi.com/tao-price-drops-hard-bittensor-bulls-eye-340-support-for-a-possible-reversal/)