Bittensor's TAO token is trading at $261, below its critical 200-day moving average resistance near $281, signaling potential bearish pressure after a lower high at $390 following a $475 peak in November. This technical pattern, combined with rising selling volume, suggests a possible distribution phase that could lead to a price drop toward $200-$220 support or even retesting the $143 lows. However, strong fundamentals such as real subnet usage and institutional interest in Bittensor's infrastructure provide a bullish counterpoint, indicating ongoing network utility. A reclaim of the $281 level with strong volume would shift the trend back to bullish, but until then, TAO remains at a technical crossroads with both bullish and bearish outcomes possible.
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