Bittensor (TAO) Rebounds From $200 Level, Can It Mark a Bullish Reversal?

Bittensor (TAO) rebounded from $200 toward the 20-day EMA. The price displayed signs of recovery after the bulls established their presence near the demand zone.

Bittensor (CRYPTO: TAO) rebounded from $200 toward the 20-day EMA. The price displayed signs of recovery after the bulls established their presence near the demand zone.

Earlier, Bittensor had been on a free fall since the 1st week of June, crashing nearly 30% over the month and over 50% in the last three months. The weakness in the broader market made it worse as TAO suffered.

However, the broader market was recovering, which may help Bittensor price recover. Moreover, there has been a notable change in the development activity, which may affect the price. 

Development Activity On The Rise

The recent sessions have experienced some recovery after a strong downtrend. The long-term trend outlook favored the bears at press time, which may make it difficult for the price to rise.

However, the preluding sentiment may change as there has been a notable development in few on-chain metrics. As per Santiment data, there has been a notable shift in the development activity curve.

The development activity curve was headed upwards, indicating positive growth in the cryptocurrency. The development activity reflects the activity level in the form of undergoing projects and developments in the cryptocurrency.

Bittensor is an open-source protocol that enables a decentralized, blockchain-based machine-learning network. 

In this network, machine learning models train collaboratively and earn TAO tokens based on the informational value they provide to the collective. Bittensor ranked 48th in the cryptocurrency market at press time, with a live market capitalization of $1.78 Billion. 

Bittensor (TAO) Technical Analysis

From a technical standpoint, the TAO cryptocurrency has shown signs of recovery in recent sessions, indicating an improved sentiment among the investors. The daily chart highlighted a bearish trend prevailing as the price hovered below the key 20 and 50-day EMAs.

Moreover, connecting the recent swing high and low, it was observed that the TAO price crossed the 0.23 level of Fibonacci, indicating a pullback. It could rise towards the 0.5 level or the golden zone of Fibonacci at the $300 level. 

Furthermore, the $300 may act as a crucial factor in the price. A successful closing above that level may signal a bullish breakout or trend reversal. 

On the contrary, if the price suffers rejection near the $300 level, it may show a sharp decline, indicating a bearish continuation.   

The price action showed a downtrend over the last three months, displaying lower highs and lower lows. However, the recent sessions showed a pullback or trend reversal.

The recent price action displayed a recovery from the demand zone, followed by a pullback at a Fibonacci level. Moreover, the broader market was recovering, which may help Bittensor price recover.

At press time, TAO was trading at a loss of 6.06% in the last 24 hours at a price of $243.1. The cryptocurrency had a trading volume of $11,813,068 in the last 24 hours, showing a 55.8% increase.

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