Bittensor (TAO) Price Update: Sell Or Hodl?

One of the few altcoins in my HODL portfolio is TAO. From all the AI tokens last year, TAO was among the best performers. However, with the recent market correction, the token has lost half of its value already. Is this it, or will it continue the decline?

Let’s take a look at its chart.

Current market conditions indicate a bearish sentiment for TAO, with a consistent decline in both market cap and price performance, suggesting caution; however, strong support levels could potentially lead to a stabilization or upward movement if they hold.

1. Market Sentiment and Price Trends:
   • TAO is experiencing a bearish trend, with a recent price of $226.056111 as of 29.Mar.25
   • The market sentiment remains bearish, supported by a consistent decline in market cap and open interest, indicating that investors may be exiting their positions.
   • Currently TAO is down ~55% from its most recent high and the correction continues.
     
2. Technical Analysis:
   • Key support levels are identified between $266 – $260, which have historically influenced market behaviour.
   • If these support levels hold, there is potential for a recovery towards the $285-$290 resistance range. If not, further drop is on the table.
     
3. Recent Changes and Indicators:
   • Despite anticipated positive movements, 96% of indicators suggest a bearish prediction.
   • Important indicators like MACD and RSI reveal mixed sentiments, with MACD showing bearish signals while RSI suggests a neutral position. StochRSI is bearish too, with both moving averages now in a downward trajectory.
   • The price performance of TAO is weak, reflected by a 45.00% drop over the past month.

Community support for TAO is still strong. The community is actively engaging with educational content to broaden understanding and foster growth. Significant developments, such as the SN 27 upgrade and the Alpha Trader Exchange, reflect an active and growing ecosystem. TAO’s high staking ratio, indicating widespread network trust and potential for stable returns.
Overall, while the community seems bullish about Bittensor’s potential and its technological edge, but this wouldn’t stop the token from making lower lows and dip further in my opinion.

It is currently at a crucial support level, which, if broken, will lead to a drop to the lower support of $205 – $203 and possible below the $200 mark, which can trigger a wave of panic selling. I’m watching this level closely. If the bulls step in around the 205-207 level, we can see it bounce from there, avoiding a complete mayhem, but this will depend on BTC. If Bitcoin drops to lower support, it will drag alts even lower, thus opening the door for TAO to break its key support and it’s important to keep an eye on Bitcoin’s Price Action on the daily.

Given these factors, the decision to sell or hold depends on your risk tolerance and investment strategy. If you anticipate that the support levels will hold and a recovery to follow, waiting might be a suitable option. However, if you prefer to cut losses or are risk-averse, selling at the current levels could be considered, especially in light of the predominant bearish signals.

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The information contained in this video is for informational purposes only. Nothing herein shall be construed to be financial or legal advice. The content of this post reflects solely my own opinions. Purchasing cryptocurrencies poses considerable risk of losses.

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