Bittensor (TAO) Moves Sideways Near $412 Amid 17.33% Volume Drop

Bittensor (TAO) has shown limited directional bias near $412, with trading activity constrained within a $190–$740 range since 2023. The token’s price currently hovers at $411.98, reflecting a 24-hour trading range of $404.03 to $435.40. Despite a brief push above $430 earlier in the day, the asset failed to sustain momentum, retreating to the $404–$412 range [1]. This sideways movement coincides with a 17.33% decline in 24-hour trading volume to $194.9 million, signaling reduced market participation [1].

The price action suggests a tug-of-war between buyers and sellers. TAO’s inability to break above $435–$437 resistance levels has led to a pattern of declining highs and lows, while support at $404 remains intact. Analysts highlight that the $412 level acts as a critical decision zone within the established range. “TAO’s current price is at a midpoint of a long-established range, which could signal a potential breakout or reversal,” noted crypto analyst Ali Martinez in a recent social media post [1]. The market’s next move may hinge on whether the token can retest $435 resistance or retrace to the $390–$404 support zone.

Technical indicators further complicate the outlook. On the 1-minute chart, the Relative Strength Index (RSI) neared 70, suggesting overbought conditions, while the Moving Average Convergence Divergence (MACD) hinted at short-term bullish momentum [1]. However, the volume contraction undermines the strength of these signals. The price’s failure to hold above $430 earlier in the day underscores the lack of conviction among traders, with selling pressure intensifying near key resistance levels [1].

Market participants are closely monitoring supply dynamics, as Bittensor’s circulating supply of 9.46 million tokens—out of a maximum 21 million—remains a factor in price sensitivity. A sustained break above $435 could open the door to the $450–$470 range, but a failure to maintain gains above $404 might trigger a decline toward $390. Traders are advised to watch for volume spikes that could confirm either a breakout or a breakdown in the current trading pattern [1].

The asset’s trajectory remains tied to its ability to establish a clear trend. While bullish technicals on shorter timeframes offer some optimism, the broader context of declining volume and a wide trading range underscores the absence of consensus. As the market approaches critical decision points, liquidity and participation levels will likely play a pivotal role in shaping the next phase of TAO’s price action.

Source: [1] [TAO Moves Sideways Near $412 Amid Declining Volume] [https://coinmarketcap.com/community/articles/688445d58db2ba68f6565528/]