Bittensor’s TAO Falls 10% as Open Interest Drops in Three-Day Correction
TAO traded at $287 after rejecting resistance near $329, while long liquidations reached $1.7 million versus $91,600 for shorts.
Bittensor (TAO) fell 10% over 24 hours after failing to clear resistance near $329, extending a three-day decline as derivatives positioning weakened and long liquidations increased.
TAO traded at $287, about three days after closing above its previous swing high of $289. The move left the token below the recent breakout area and brought the nearest exponential moving average support zone into focus as a level for buyers to defend.
TAO’s derivatives open interest fell 10% over 24 hours to $502 million and continued trending lower throughout the three-day correction. Open interest measures the value of outstanding derivatives contracts, making the decline a sign of reduced positioning in the market.
Long liquidations totaled $1.7 million, compared with $91,600 in short liquidations. The gap showed that leveraged bullish positions accounted for most of the forced closures during the decline.
TAO remained above key longer-term exponential moving averages, leaving its broader technical structure supported even as the failed move through $329 and weakening open interest placed the token at a key technical juncture.
