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Bitcoin approaches the last line of defense before reaching $200.
The price of Bittensor fell below the psychological support level of $250 on Thursday, continuing its losses below the 50-day and 200-day exponential moving averages (EMAs), which are approximately $251 and $265 respectively. This AI-based digital currency has been in a downtrend since the upper Bollinger Band indicated a recovery last week near $290.
Technically, the TAO indicator remains above the 20-period simple moving average, at around $231, which is the middle line of the Bollinger Band indicator. A decisive close below $231 could expose the price to downside risks toward the 23.6% Fibonacci retracement level at $196, measured from the decline from $538 to $143, then to the Bollinger Band lower limit at $181.
However, the Relative Strength Index (RSI) hovers near a neutral level of 50, while the Moving Average Convergence Divergence (MACD) chart narrows in the positive area, indicating that last week’s rebound was a corrective bounce rather than a sustainable trend reversal.
TAO/USD Cryptocurrency Pair Chart Analysis (Baha)
Daily TAO/USDT price chart.
On the upside, the 50% Fibonacci retracement level at $278 acts as a critical resistance, near the upper Bollinger Band at $281. After surpassing this level, a clear breakout could pave the way toward the 78.6% Fibonacci retracement level at $TAO $406.