Many leading altcoins are well in the green today (June 16), but Bittensor (TAO) has failed to follow the overall upswing, posting a substantial daily decline.
Even so, several analysts think it could be gearing up for a rebound that might carry it back to multi-month highs.
Big Pump Incoming?
TAO currently trades at around $268, a 7% plunge over the past 24 hours. It is important to note that its decline occured despite Grayscale’s positive remarks. Just hours ago, the digital asset management company claimed that centralized companies like Anthropic are more vulnerable to government intervention and decentralized projects like Bittensor “offer an alternative.”
“Bittensor provides open-source, permissionless access to AI through a decentralized global network,” the firm posted on X.
X user Altcoin Sherpa noted that TAO has lagged behind numerous well-known cryptocurrencies, suggesting the weakness may stem from traders pre-positioning and many already being fully allocated. At the same time, the analyst said TAO still “looks good” and that they remain invested in it.
“This current area is a bit of a resistance spot, 200d EMA + S/R level, but if it can break here, I think the low $300s is my next area up,” the X user added.
Ali Martinez also gave his two cents. He argued that TAO is approaching the top of its descending channel and predicted that a decisive break could open the door to a jump to $350 and then $420.
The asset’s recent exchange netflow raises the possibility of a short-term revival. Over the past few weeks, outflows have surpassed inflows, suggesting that many investors have abandoned centralized trading venues in favor of self-custody solutions, thereby reducing immediate selling pressure.
TAO Exchange Netflow, Source: CoinGlass
How About $500?
Another analyst who seems very fond of TAO is Michael van de Poppe. A few days back, he described the token’s chart as “phenomenal” and envisioned a potential price explosion to $500.
Shortly after, he opined that the strongest altcoins from the previous months, including TAO, could extend their solid performance in the near term, provided Bitcoin (BTC) has already bottomed.
Recall that at the start of June, the primary cryptocurrency briefly collapsed to around $59,000 – its lowest point in 19 months. And while it has recovered well above $65,000 following the peace deal between Iran and the US, some analysts believe the worst for this cycle has yet to come.
The post Bittensor (TAO) Slips 7% Daily, Yet a Price Explosion May Come Next appeared first on CryptoPotato.