[Bittensor (TAO) price may not match the 100% increase of “Uptober”]
Uptober is known for its historically bullish trend in cryptocurrencies, with many market participants expecting to post positive returns this month. However, TAO may face challenges at the beginning of the month.
In September, TAO’s price benefited from developments in the artificial intelligence industry, leading to increased volatility. Bollinger Bands show that when price touches the upper band, it indicates overbought. Currently, TAO price is at $585.50, which is close to the upper track, and is expected to rise to $660, at which time a pullback may occur.
Bittensor’s social presence has declined, indicating waning market attention, which may cause TAO prices to fall further. The relative strength index (RSI) on the daily chart shows TAO is overbought, with the RSI above 70, further supporting predictions of a near-term price decline.
According to the Fibonacci retracement indicator, TAO may first fall to $520.65, and if it cannot hold, it may fall further to $445.63. However, if demand increases, TAO could break above $700 and the pullback will not last long.
