The Bittensor price plunged 10% in the last 24 hours to trade at $231.79

The Bittensor price plunged 10% in the last 24 hours to trade at $231.79 as of 12:22 a.m. EST on trading volume that surged 39% to $183 million.

The price of Bittensor (TAO) dropped 10% in the last 24 hours to reach $231.79 by 12:22 a.m. ET on Thursday. This decline follows a sevenfold surge in trading volume, indicating heightened volatility in the market.

The TAO price has been on a strong downward trend, forming a falling wedge pattern, which is typically a bullish reversal signal.

The Bittensor price has consistently followed the downward-sloping resistance and support levels, creating lower highs and lower lows.

Meanwhile, an ABC correction pattern has played out within this wedge, with points A, B, and C marking key price swings, according to GeckoTerminal data.

This suggests that the market may have reached a potential exhaustion point in the downtrend.

The 50-day Simple Moving Average (SMA) is at 369, while the 200-day SMA is at 459.42, both of which are lagging behind the current price, confirming the bearish trend.

The Relative Strength Index (RSI) stands at 29.36, which is in oversold territory. This overbought/oversold indicator ranges from zero to 100. An RSI reading below 30 is often a technical indication of oversold conditions.

Rising Shot: Bittensor Price Looks Poised For A Reversal

Given the falling wedge structure, oversold RSI, and potential for a breakout, Bittensor’s price looks poised for a reversal.

If TAO breaks above the wedge resistance and clears the $369 level (50-day SMA), the next major target would be around $459 (200-day SMA and historical resistance).

However, if the price of Bittensor continues to struggle below the wedge resistance, further downside could be possible, but the oversold RSI suggests a breakdown is less likely.

This analysis suggests that while Bittensor is currently in a bear market, the oversold RSI and falling wedge pattern indicate a potential shift in momentum.

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