Will Bittensor [TAO] hold $193 or sink to $186? Watch out for 2 signs!
Despite a slight broader crypto market recovery, Bittensor (TAO) maintained its bearish trend, falling below the $200 support to a monthly low of $193. As of writing, TAO traded around $197 with declining volume. Key reasons for the drop include derivatives traders reducing exposure, evidenced by higher Futures Outflows ($90.81M) than Inflows ($78.64M), pushing Netflow negative and Open Interest lower. This indicates reduced speculative activity and short-term selling pressure.
However, spot market data presents a contrasting signal. Spot Taker CVD remained positive for five days, suggesting buyer dominance, and persistent negative Spot Netflow implies more TAO is leaving exchanges than entering, potentially indicating accumulation, possibly by whales.
Technically, the Directional Movement Index shows bearish momentum strengthening, with the RSI at 37. If selling continues, TAO could test support at $186. Conversely, stronger spot demand could help it reclaim $200, potentially targeting $216. The price is currently caught between bearish derivatives trends and signs of underlying spot accumulation.
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