Bittensor Price Plummets 10% – Will $340 Support Hold or Collapse?
Bittensor (TAO) has plunged 10% in a single day, breaking below its crucial $360–$370 support zone. Traders are now eyeing $340 as the next make-or-break level. Will this altcoin recover or face deeper losses? Here’s what you need to know.
Why Did Bittensor Price Crash?
The Bittensor price drop follows a breakdown of the key Fibonacci support between $360 and $370. Analysts highlight three critical factors:
- Loss of Fibonacci Support: The 0.618 retracement level at $353 failed to hold, intensifying bearish pressure.
- Broader Market Weakness: Bitcoin and Ethereum declines have amplified TAO’s volatility.
- No Immediate Catalysts: No major project updates or macroeconomic triggers explain the drop.
Key Bittensor Support Levels to Watch
Traders are closely monitoring these levels:
| Level | Price | Significance |
|---|---|---|
| Immediate Support | $340 | Psychological and technical barrier |
| Next Support | $323 | 0.79 Fibonacci retracement |
| Critical Floor | $285 | 1.0 Full retracement |
Can Bittensor Recover?
A bounce above $360–$370 could reignite bullish momentum, targeting $440–$460. However, sellers dominate until TAO reclaims this zone. Trading volume remains stable at $266 million, suggesting ongoing interest despite the drop.
FAQs: Bittensor Price Drop
1. Why did Bittensor fall 10%?
TAO broke its $360–$370 Fibonacci support, triggering automated sell-offs amid broader crypto market weakness.
2. What’s the next support for Bittensor?
$340 is the immediate level, followed by $323 and $285 if selling continues.
3. Could TAO rebound soon?
Yes, if it reclaims $360–$370, a rally toward $440–$460 is possible.
4. Is trading volume affected?
No, 24-hour volume holds at $266 million, indicating sustained market participation.
