Bittensor price slips after double rejection; $297 support in focus with bearish MACD
Bittensor (TAO) price is trading around $325.1, down ~3% on the day, after a second rejection of a multi-month descending trendline. The sell signal strengthens as the daily MACD flips bearish: the MACD line (19.6) falls below the signal (22.0) and the histogram prints at -2.4. While both lines are still above zero, the crossover shifts the near-term bias toward lower prices.
Technically, TAO failed twice in the $355–$371 resistance zone within two weeks, producing a lower high and reinforcing the trendline’s resistance. The first rejection was near $371 (Mar 25) following the halving and reports that Grayscale increased TAO’s weighting (43.06%) in its AI-focused fund. The second rejection topped near $355 (Apr 7), then TAO retraced to ~$325 without reclaiming either prior pivot.
Key levels for traders: immediate support is $297.5 (structural floor). A confirmed break below $297.5 would open a path toward the daily Supertrend at $263.7. Conversely, a daily close above $371 would invalidate this bearish setup. On the 4H chart, the Supertrend at ~$313.8 is currently acting as dynamic support; a 4H bearish MACD crossover would add confluence.
On positioning, Coinglass shows open interest declining alongside price, suggesting long-side deleveraging rather than aggressive new short buildup—reducing the odds of an immediate squeeze. Separately, Grayscale’s filing to convert a Bittensor Trust into a spot ETF is supportive long-term sentiment, but it does not provide a near-term price floor.
Net: Bittensor price is leaning bearish in the short term unless $297.5 holds on a daily close.
Bearish
The article’s core signal is a bearish shift in Bittensor price structure. After two rejections of the $355–$371 descending trendline (with the second attempt printing a lower high), the daily MACD confirmed a bearish crossover. That combination historically tends to increase the probability of follow-through selling toward the nearest structural support.
For traders, $297.5 is the decision level. Similar “double rejection + MACD flip” setups often resolve with either a retest bounce if support holds, or a faster breakdown if that support fails on a daily close. Here, a break below $297.5 would likely accelerate moves toward the daily Supertrend at $263.7. The invalidation at a daily close above $371 provides a clear risk-management trigger.
Short term: momentum is fading and could worsen further if the 4H MACD turns bearish while price is below key pivots. Derivatives data (declining open interest) suggests deleveraging rather than a fresh short squeeze, which typically aligns with a smoother downside move.
Long term: Grayscale’s spot ETF conversion filing and its raised TAO weighting (43.06%) are supportive for sentiment and liquidity expectations, but the news itself does not override the near-term technical downside. Therefore, the expected impact is bearish until $297.5 holds and Bittensor price reclaims the $355 trendline area or MACD momentum improves.