The bullish spell cast by the scepter of bulls in Bittensor (TAO) by July 7th, 2024, has ended by July 26th. The wall at $358 and the coinciding 200-day EMA band stopped bullish acceleration by limiting the gains up to 75% only from the major $200 support.
The encountered wall of $358 has pushed the price downwards this week by nearly 20%, towards the critical support of $200. The fall accelerated when it breached the $300 previous swing low and the coinciding 50-day EMA dynamic support band. Likewise, other indicators showed a bearish crossover, and the RSI was at 43.82.
Bittensor (TAO) spot volume inflow had increased 15.12% for the current trend at $56.428 Million, and the market cap has fallen 2% on intraday valued at $2.054 Billion. The short-term decline in the 44th largest crypto by market cap seems imminent.
The liquidity ratio was weak in TAO at 3%, which could be a point of concern. The low liquid in assets often makes buying and selling difficult, so investors
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