Bittensor’s TAO lost more than 3% during the day on Wednesday to trade near $269; the loss saw it return to an area that buyers need to defend so that further losses do not register.
CoinCodex predicts that TAO will briefly recover before it then falls toward $215 by October 19. But the current chart shows that some support levels would need to fail for that to happen.
CoinCodex expects TAO to fall below $220
CoinCodex predicts that TAO’s price will rise to as high as $280.46 before coming down every day till $215.10 on October 19.
It also holds a one-month forecast for it, which is also as cautious. The price held to target was the $209.81 price area, which is also about 25% lower than the price on its page.
CoinCodex categorized the outlook as bearish because 15 of its indicators favoured selling, compared with 12 that were in favour of buying.
Additionally, the Relative Strength Index [RSI] clocked 48.38, meaning neither sellers nor buyers pushed TAO to extremes.
The volatility on the platform was also high, which means that the path is much less certain than it is projected, meaning TAO could experience sharp increases or losses.
Can buyers defend the current support?
Looking at the daily chart for TAO, the value sits around the $269.35 price area, after falling from highs in October closer to $340.
The price fell below its short-term average at around $285; it showed that price lost its momentum to some extent. However, TAO stays close to its 50-day average at around $269.
This makes the $265–$269 price area the first important test. If buyers defend it, it could attempt to recover $275 before challenging the stronger $284–$288 resistance zone.
The bears could not support an argument once we move past this area, but it might only cause TAO to revisit the $300 price area but buyers would have to trade stronger to support the recovery.
If TAO closes below $265, the downside scenario would be more alarming. There is support between $253 and $255 and then again at $249.
The $215 price CoinCodex was expecting would become a reasonable forecast only if those areas also crash.
Final Summary
- TAO must defend the $265–$269 price area to avoid a fall to the $253–$255 support zone.
- CoinCodex predicts $215, but several major support levels must break for that to happen.
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