Bittensor (TAO) Faces Struggle Amidst AI Crypto Surge, Traders Eye Potential Breakout

TAO's Market Performance: Despite the AI crypto market surge, Bittensor (TAO) faces challenges, with a 35.2% drop in a month.

Recent Performance: TAO initially showed bullish signs in May with a 48% increase but later dipped to $391.

Current Support Levels: New support levels formed at $381.29 and $372, with TAO trading below 50-day and 200-day SMAs.

RSI Reading: RSI below 50 midline level at 37 indicates increased selling pressure.

Sideways Pattern: TAO now exhibits a sideways pattern, suggesting a neutral phase with potential breakout zones.

Trade Setup: Traders eye entry between $382 to $402, with $382 as a crucial breakout point and stop loss marker.

Long-term Outlook: Despite current neutrality, the long-term outlook remains bullish for TAO.

Technical Indicators: Neutral momentum above support levels, breakout from a downward channel, and sideways pattern.

Price Prediction: Traders advised to wait for selling pressure to subside near $372 before entering positions.

Market Analysis: TAO's price dynamics, including a death cross moment and support zone considerations.