Bittensor Price Stuck in Triangle Pattern, $177 Key Level Decides Next Move

As of March 6th, Bittensor's native token TAO is priced at $177, down slightly by 1% from the previous hour, continuing the downward momentum after two days of volatile consolidation. Trader GainMuse pointed out that the price has recently formed a continuously narrowing triangle pattern below the downward trend resistance. Such structures often indicate a strong directional breakout is imminent. From a short-term chart perspective, TAO repeatedly fluctuated between $185 and $192 on March 5th. However, after the release of non-farm payroll data on March 6th, the price plummeted, falling from $187 to $177.8 within two hours, accompanied by a recent peak in trading volume, indicating that the decline was driven by genuine selling pressure rather than liquidity exhaustion. This drop essentially erased all the gains generated on March 4th due to rising market sentiment.

The $177 to $178 range is currently a key support level for the bulls and bears to contend. If this area is lost, the price may fall further; if it can stabilize, it may trigger a rebound. However, from a medium-to-long-term structure perspective, the market environment is not friendly to the bulls. Since the high point above $300, TAO has continued to create lower highs and lower lows, and is in a clear downward channel overall. The recently formed triangle is the convergence phase of this trend, with the upper boundary around $205 and the lower boundary gradually rising.

The breakout direction of the triangle pattern will determine the subsequent trend. If the price fails to break through the $205 resistance and encounters counter-pressure, the probability of targeting the $140 area increases; if it breaks through $205 strongly, it may signal the end of the downward trend and the start of a reversal. The current price is at $177.8, about 15% away from the upper breakout point and about 21% away from the lower target. From a spatial ratio perspective, the upside is closer, but the overall trend structure and the dense resistance above still give the bears a stronger structural advantage. As the core token of the decentralized AI network, TAO once attracted much attention in 2024 due to the AI infrastructure narrative, and the price once soared to above $300. However, as market enthusiasm for decentralized machine learning cooled, related tokens generally entered a correction cycle. Although its underlying technical logic has not been subverted, the market has not yet formed a stable bottom consensus. The future breakout direction of the triangle pattern will not only depend on whether the AI sector regains favor with funds, but will also be profoundly affected by the macro environment, especially the market uncertainty caused by the recent non-farm payroll data.