- The TAO crypto price has lost around 23% in a week.
- The trading volume has surged by 100% in the past 24 hours.
- TAO’s price at an all-time low shows the sellers’ strength.
The TAO crypto price has been bearish since its launch day. At the time of writing, the Bittensor (TAO) price was at an all-time low of $339.70. TAO price has declined through a falling channel.
A few days earlier, the TAO coin price had formed a shooting star candlestick and lost more than 20% in a week. According to the chart structure, the TAO price seems to defend the last swing low.
On-chain Analysis for TAO Cryptocurrency
Tokenomics and Distribution:
TAO has a limited supply of one billion tokens. Distribution is relatively decentralized, with multiple custodians at different addresses.
The primary owners (whales) control a significant part of the supply, but there is also a good distribution between the smaller addresses.
Transaction Activity
TAO net crossover volume reflects moderate activity. Daily transaction volumes and values provide information about user engagement.
Analyzing transaction patterns ( like staking, transfers, and governance) can reveal user behavior and network health.
Price vs. On-chain Metrics
Correlates the evolution of TAO prices with chain metrics. For example, a price rally may be preceded by a sharp increase in transaction volume.
Will Buyers Manage to Defend the $350 Mark?
At press time, the TAO price traded at $363.20 with an intraday gain of 0.00%. The market capitalization was $2.45 Billion, and the 24-hour trading volume was $42.24 Million. The circulating supply and the total supply is 6,756,678 TAO.
TAO price has been falling by forming lower lows and lower highs. Recently, it has formed a lower high and witnessed continuous selling pressure. Currently, the price is heading for a new lower low.
Suppose the TAO price forms a new lower low, takes support on the lower trendline, and forms a bullish candlestick pattern; buyers may lift the price to the upper trendline. If the buyers dominate for the short term, it might form a new lower high.
Per the technical indicators, the RSI is 32 and has slipped below the RSI-based moving average. Bittensor crypto price traded below the significant moving averages at the time of writing.
TAO Price Has Formed a Double-top Pattern on a 4-H Timeframe
In a 4-H time frame, the Bittensor price has formed a double-bottom pattern. Suppose the price gains bullish momentum and surpasses the 20-day EMA; buyers may eye for the last swing high.
Alternatively, if the price fails to exceed the 20-day EMA and starts trading below the $340 level, selling pressure can be expected, and a new all-time low can be seen.
Conclusion
Based on the analysis of TAO crypto price, it seems that the sellers are currently dominating the market. The recent decline in price has been significant, and the trading volume has surged in the past 24 hours. However, there is still hope for buyers to defend the $350 mark if the price takes support on the lower trendline and forms a bullish candlestick pattern.
Technical Levels
The Bittensor price may face resistance from the $465 and $600 marks. On the other hand, it may take support on the $340 and $300 levels.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
