Bittensor coin is shedding today, slipping to $299 and breaking below the $300 floor that had kept the range intact. The session coincides with the mainnet launch of Conviction, Bittensor’s new anti-rugpull mechanism, on May 13, the same window the broader crypto market lost 1.48% of total capitalization, and Bitcoin (BTC) fell below $80k.
The CMC Fear & Greed Index printed 46, neutral, as Bittensor price holders digested both the macro pressure and a structural protocol change simultaneously.
Falling Wedge Points to $790 While Daily Indicators Hold a Buy Lean
On Thursday morning, market analyst Don flagged a falling wedge on the TAO/USD chart that spans back through the bear cycle, converging into a tightening structure that historically resolves bullish.
The $790.52 target is the measured move, nearly triple the current price and full pattern height projected from the breakout point. However, getting there requires clearing the near-term supply first.
$300 is broken down, and what matters now is $290. Buyers stepping in at that level could establish a consolidation range between $290 and $310, while a clean daily close below $290 shifts attention to the next significant support band at $275–$280. A close above $305 on elevated volume is the signal that changes the short-term bias from cautiously bearish to genuinely recovering.
Moving averages on the 1-day timeframe rate Bittensor a Strong Buy outright, with 11 of 15 bullish, with EMA 200 at $275 and SMA 100 at $244.8 anchoring structural support far below the current price. The Bittensor price trades above every major average except the EMA 10 ($301.6) and SMA 10 ($307.3), both of which signal sell, suggesting short-term overhead supply.
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