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TAO, the native token of the Bittensor network, was trading just above a key Fibonacci retracement level, a technical marker that chart analysts treat as a potential inflection point between continued decline and price recovery.
That position has traders watching closely for signs that selling pressure may be exhausting itself.
What a Fibonacci Retracement Level Is — and Why It Matters A Fibonacci retracement level is a price zone derived by applying ratios from the Fibonacci sequence to a prior price move.
Traders use these zones to identify areas where an asset that has pulled back from a high might find support — meaning buyers step in and prevent further decline.
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