Bittensor: Will It Plunge to $297 or Is It Just Flirting with Disaster?

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Oh, Bittensor, you saucy minx, sitting pretty at $325.1, down 3.04% today. Twice now you’ve batted your eyelashes at that multi-month descending trendline, only to get rejected like a bad Tinder date. And now, the daily MACD is all like, “Girl, I’m out,” confirming a bearish crossover that’s got everyone side-eyeing the downside.

  • Bittensor (TAO), darling, is at $325.1, down 3.04% today, after getting ghosted by the $355 to $371 zone-twice in two weeks. Ouch.
  • The daily MACD is having a full-on breakup, with the MACD line at 19.6 dipping below the signal at 22.0, and the histogram sulking at -2.4.
  • Immediate support is at $297.5. If that breaks, it’s a slippery slope to the daily Supertrend at $263.7. But hey, if it closes above $371, the bears can go back to hibernation.

So, Bittensor, you’ve been trying to climb that $355 to $371 mountain, but it’s like you’re wearing heels in the mud-not happening. The first rejection was near $371 on March 25, right after your halving event and Grayscale’s “we love you” 43.06% weighting in their AI fund. The second attempt? $355 on April 7. Lower high, same old story. Both rejections are circled on the daily chart like a bad ex’s Instagram posts. Since then, you’ve slunk back to $325.1, tail between your legs.

Double Rejection: The Technical Version of “It’s Not You, It’s Me”

The daily MACD is confirming this hot mess. The MACD line is all, “I’m leaving,” crossing below the signal (19.6 vs. 22.0), with the histogram at -2.4. Sure, both lines are above zero, so it’s not a full-blown breakup, but the momentum from March’s AI-sector rally is fading faster than a fad diet.

On the 4H chart, the MACD is still technically bullish-MACD line at 6.8, signal at 5.8, histogram at 1.0. The 4H Supertrend at $313.8 is acting like a safety net. But the histogram is compressing like a pair of skinny jeans after Thanksgiving. A bearish crossover here would be the cherry on top of this technical sundae.

Crypto analyst Michaël van de Poppe is all, “TAO is approaching dip-buying territory, guys, chill.” He’s calling this pullback “normal price behavior” after a triple-digit monthly rally. So, $297.5 might just be a pit stop, not a crash site.

Key Levels: Because Who Doesn’t Love a Good Drama?

Immediate support: The 4H Supertrend at $313.8, followed by the $297.5 demand zone-visible on both the 4H and daily charts, and flagged as a key floor during March’s accumulation phase. Fancy.

Extended downside target: $263.7, the daily Supertrend. Previous analysis says a move to $200 is possible if history repeats, but that needs a sustained close below $263.7. Drama, drama, drama.

Bull case: A daily close above $371 invalidates the double rejection and opens the door to $400. Bear case: Break below $297.5 targets $263.7. Invalidation: $371. Simple, right?

Derivatives and Institutional Gossip

Coinglass data shows TAO open interest is down with the price, like a couple breaking up on social media. Longs are deleveraging, not shorts piling in. So, no sharp squeeze here-the next move is probably supply-driven, not forced. How mature.

Grayscale’s filing to convert its Bittensor Trust into a spot ETF and bumping TAO’s weighting to 43.06% in its AI fund? Cute. Doesn’t provide a price floor, but it’s a safety blanket if risk appetite stabilizes. Aww.

If $297.5 holds on a daily close, expect a re-test of the $355 trendline. Break below $297.5? Hello, $263.7. Choose your fighter, Bittensor. The world is watching-and judging.

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2026-04-09 03:04