The daily RSI has reached the overbought zone, and its quiet obvious that it flips from the persisting bullish momentum. This has adversely impacted the TAO, which is trading around $277 from the local highs at $286. On the volume side, the OBV shows a gradual uptick, suggesting accumulation is still in play. This divergence between the price rejection and steady volume hints that selling pressure may not be aggressive but rather a pause after an extended rally.
As long as TAO holds above the $220–$230 support zone, the broader recovery structure remains intact. However, a failure to reclaim the $300 level in the near term could lead to a consolidation phase or a deeper pullback before any sustained breakout attempt.
Wrapping it Up
Overall, the market sentiments remain extremely bullish regardless of the interim hurdles. No doubt it is facing a crucial resistance just below $300; the area around $220 to $240 is acting as a strong base. Therefore, breaking either of these levels may push the Bittensor (TAO) price accordingly, and until then, the consolidation may prevail.
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