Bittensor (TAO) Escapes 4-Month Long Barrier, Yet Price May Not Reach $400

Bittensor (TAO) recently broke through the 0.618 Fibonacci resistance zone at $306, a level that had capped rallies for four months. However, the price immediately stalled around $380, and current indicators suggest a potential pullback. Holder sentiment, which spiked sharply before previous local tops, collapsed rapidly after the recent surge, mirroring past reversal patterns. Furthermore, the Money Flow Index (MFI) reached overbought territory (77.79), similar to previous instances that preceded significant price drawdowns. While a short squeeze above $364 could mechanically push TAO toward $407, the concentration of short liquidations at $364 acts as a ceiling. Without a fresh wave of buying, a daily close below the newly broken $306 level would confirm the breakout has failed, potentially leading to a drop toward $275 or $243 support levels.

(Source：BeInCrypto)