[Bittensor price may fall below $500 due to growing bearish pressure]
According to current analysis, TAO, an altcoin, may struggle to maintain its current price and is expected to fall below $500. Here's why.
According to data from Santiment, TAO's weighted sentiment indicator entered negative territory, indicating that the market's view on TAO is pessimistic, demand may decline, and prices may continue to fall. At the time of writing, the sentiment reading stood at -0.026, reflecting bearish expectations among market participants.
Another indicator is the 20-day exponential moving average (EMA), which often corrects when price falls below this line. TAO fell below the 20 EMA on August 28 and had lost 25% of its value by September 6. If it breaks below again, a double-digit correction is likely.
Additionally, the MACD indicator has turned negative, showing that the 12-day EMA has fallen below the 26-day EMA, indicating that sellers are in control, reinforcing the bearish sentiment.
If this trend continues, TAO could fall below the 38.2% support to $452.30. Conversely, if bulls hold the support, TAO could rally to $648.99.
