TAO Token Dives 14% as Bittensor Blockchain Halts Operations

03-Jul-2024 By: Lokesh Gupta
TAO Token Dives 14% as Bittensor Blockchain Halts Operations

Bittensor Blockchain ceases operations amid security breach

  • Over $8 million worth of $TAO, approximately 32,000 tokens, were stolen, causing a significant 15% decline in token value from $278 to $236.

  • Multiple wallets linked to the Bittensor network were attacked, leading to a temporary halt in on-chain transactions.

  • Bittensor has been in a downward trend since it reached its highest point in April 2024.

  • On the daily chart, $TAO failed to breach the upper resistance line of its trading channel, reaching a near 5-month low.

  • TAO's price has dropped sharply, currently trading below all major moving averages, suggesting a bearish trend.

  • The RSI is approaching 30, suggesting that TAO has been oversold.

  • According to Coingabbar Prediction, If TAO manages to hold above the $200 support level, a rebound towards the upper channel could be expected.

KEY LEVELS :

RESISTANCE LEVEL : $250.00-$280.00

SUPPORT LEVEL : $215.00-$190.00

Disclaimer: Coingabbar's guidance and chart analysis on cryptocurrencies, NFTs, or any other decentralized investments is for informational purposes only. None of it is financial advice. Users are strongly advised to conduct their research, exercise judgment, and be aware of the inherent risks associated with any financial instruments. Coingabbar is not liable for any financial losses. Cryptocurrency and NFT markets could be highly volatile; users should consult financial professionals and assess their risk tolerance before investing.

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