TAO Sees Minor Uptick in Buying Activity, But the Bearish Bias Remains
- WBOYOriginal
- 2024-07-02 06:09:20319browse
TAO, the altcoin that powers Bittensor's decentralized machine learning network, has witnessed a 29% price decline in the last month.
Altcoin TAO, the native token of Bittensor's decentralized machine learning network, has witnessed a 29% price decline over the last month.
This caused its price to trend within a descending channel. At press time, TAO trades at $276.98 after crossing above the upper line of the channel, setting itself up for a further rally. However, bearish sentiment towards the altcoin remains strong.
Bittensor Price Analysis A descending channel is a bearish technical pattern that forms when an asset's price makes lower highs and lower lows as it continues to decline.
The upper line of the channel forms a resistance level for TAO at $434.62, while the lower line acts as support at $254.82.
TAO's price increased by 7% in the last 24 hours, causing it to rally above
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