surpassing the current hurdle, the short-term outlook

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The Bittensor (TAO) spot volume inflow amounted to $75.416 Million, and the market cap was valued at $2.475 Billion. The advancement from the August 5th liquidity grab re-positioned TAO status as the 33rd largest crypto globally by market cap.

Bittensor (TAO) has delivered extraordinary returns to investors, soaring over 1600% and reaching a peak of $755.02 between the last quarter of 2023 and the first quarter of 2024.

However, beyond $755.02 became a supply zone, which prevented TAO's further gains, resulting in a retracement of more than 70% by the second quarter of 2024.

This led to a significant profit-taking phase, eventually returning to its initial demand level by July 5th.

Subsequently, the price saw a brief increase after July 5th, reaching the upper edge of a falling wedge pattern. Despite this, it encountered a hurdle at $358.58, causing another fall.
On August 5th, TAO's liquidity-driven spike led to a breakout from the upper boundary of the falling wedge, and now TAO struggles near $358.58.

Therefore, surpassing the current hurdle, the short-term outlook exhibits the potential for price to go northward if the declining wedge pattern proves legitimate.

However, the peak invited sell-offs, which signified the strong bearishness after March 2024.

Since that peak, the crypto has slipped. Also, the intense sell-off spanning over 150 days led to a narrowed plummeting wedge.