Will Bittensor [TAO] Hit $240 or Crash? The Drama Unfolds! 🚀📉

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  • TAO might flirt with $240, but let’s not get carried away—it’s not proposing marriage. 💍
  • The CMF is out here playing the rebel, suggesting bulls are in charge. 🐂🤷‍♀️

Bittensor [TAO] had a bit of a meltdown on April 6th, dropping below $216 and hitting $167 the next day. But like a dramatic soap opera, it bounced back nearly 30% to retest $216—because why not keep us on our toes? 🎭

The 1-day chart of Bittensor is basically a tragic love story since late January, when the $416 level was brutally dumped. 💔

By February, the $434-$450 region had switched from being a supportive friend to a cold-hearted resistance. Classic betrayal. 🥶

Over the past six weeks, the OBV has been on a steady decline as TAO prices went from $470 to $180. And just when you thought $216 was a safe space, it flipped to resistance. Plot twist! 🎢

Further losses are expected, and a dip to $140-$150 in April seems likely. Because why not add more drama? 🍿

But wait! The CMF decided to spice things up by surging higher over the past week, hitting +0.05 at press time. Some analysts see this as a sign of capital inflows, but let’s not get too excited—it’s still a bearish market. 🐻

TAO is trading below its 20-day moving average, and the Bollinger Bands are hinting at more losses. So, buckle up, folks. 🎢

How traders can position themselves

The 1-month liquidation heatmap shows liquidity clusters at $240 and $220. These are the short-term targets because, apparently, TAO loves a good magnetic zone. 🧲

Zooming into the 1-week liquidation heatmap, $220 is the star of the show. The liquidity cluster here is massive, making it highly likely that TAO will drift higher to sweep the $220 area. 🌟

Once that happens, a bearish reversal could be on the cards. But will it stop at $220 or climb to $240? Who knows? Traders should prepare for both possibilities. 🤷‍♀️

Alternatively, if TAO climbs above $240, traders should be extra cautious, as a $280-$300 bounce could be on the horizon. Until $240 flips to support, the bearish bias remains. 🐻

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2025-04-09 04:11