Unwrapping, TAO Daily Chart Insights

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Bittensor (TAO) has given humongous returns to its investors, which exceeds over 1600%, peaking at $755.01 (ATH) from October 2023 to March 2024. However, it encountered a supply zone and failed to harness further gains above $755.01. This was followed by profit booking in TAO, which loosened more than 70% of its previously achieved gains.

After failing to surpass $755.01, the price entered a spree of lower lows, going back to the original demand level in the next 4 months by July 5th.

Thereon, the price rose briefly and breached the upper border of the falling wedge. But, it met the $358 level that dusted its price downwards, which in continuation slipped the swing low of previously built at $300.

The current scenario depicts a short-term decline and the failure of the falling wedge. Therefore, the bears could eye support levels of $260 and $240, respectively. On the contrary, if any sudden support spikes the price, then the resistance could be at $330 and $358, respectively.