Bittensor's TAO token fell more than 3% on Wednesday, trading near $269 after declining from October highs closer to $340. The current price level sits near the token's 50-day moving average, marking a critical juncture for buyers.
According to technical analysis, TAO currently trades in the $265–$269 support zone. If buyers maintain this level, the token could attempt to recover toward $275 and challenge the $284–$288 resistance zone. However, a close below $265 would shift the technical outlook more bearish.
Below the immediate support area, additional support zones exist between $253–$255 and at $249. A deeper decline would need to breach these levels before reaching lower price targets.
CoinCodex has published a bearish outlook based on its technical indicators. Fifteen of its indicators favored selling compared with twelve favoring buying. The Relative Strength Index (RSI) registered at 48.38, suggesting neither buyers nor sellers have pushed the token to extreme conditions.
The platform noted high volatility in TAO trading, which increases uncertainty around price projections. This volatility means the token could experience sharp movements in either direction.
CoinCodex's one-month price targets include expectations for a decline, though the firm noted that multiple support levels would need to fail for those lower targets to materialize.
