Bittensor Price Prediction: Will TAO Break $240 or Face Another Drop?

Bittensor (TAO) is currently trading at $227.36, with a 24-hour trading volume of $180.35 million and a market capitalization of $1.92 billion. Despite the broader bearish sentiment in the market, TAO has shown slight stability, recording a modest 0.96% gain over the past 24 hours. This minor increase has sparked speculation about a potential shift in momentum, but bearish pressure remains strong.

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Key Support and Resistance Levels

Crypto analysts indicate that TAO’s support levels are under threat. The critical weekly support zone between $212 and $210 is still holding, but a close below this level could trigger increased selling pressure. If this happens, TAO may retest the $200 support level or drop further, adding to market uncertainty.

On the upside, breaking above the $240 resistance level is crucial for TAO to regain bullish momentum. Without a strong move past this level, sellers may continue to dominate in the short term.

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Market Sentiment and Long-Term Outlook

The broader sentiment remains cautious, with traders closely watching whether TAO can hold its key support levels. Some community members, like @_g_x_g, remain optimistic about TAO’s future, speculating on a 2025 price range between $550 in a worst-case scenario and a highly bullish $10,000.

Network Fundamentals: A Strong Long-Term Case?

Bittensor’s network fundamentals remain strong. ChainCatcher reported in January that its subnets outperformed Web2 counterparts in inference speed, with added EVM compatibility bringing DeFi-like features. While these advancements support TAO’s long-term value, short-term price action has yet to reflect this potential.

TAO remains at a crossroads. A break above $240 could ignite bullish momentum, while failure to hold $210 may lead to further losses. Traders should exercise caution and watch for key technical levels before making significant moves.