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Bittensor (TAO) Faces Downward Pressure Ahead of Halving Event

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TAO
$223.89-0.24%
Bittensor (TAO) edged up over 2% on Monday, rebounding from a 5% drop the previous day. The move comes ahead of the halving event, which will slash daily TAO supply by 50% to 3,600 tokens. On-chain analysis shows TAO has broken below a short-term support trendline on the 4-hour chart, pointing to the S1 pivot at $286. Futures open interest has fallen 1.18% to $201.08 million, while the weighted funding rate turned negative at -0.0022%. On-chain data also reveals a breakdown below a symmetrical triangle, with further downside to $265 possible. RSI at 42 and negative MACD signal a bearish bias.
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