š Market Analysis: BitTensor (TAO/USDT)
š¹ Current Price: $453
š¹ Date: May 12, 2025
TAO has successfully hit its initial target of $477, previously identified as a resistance level. Price has peaked at $489, brushing just below the psychological barrier of $500.
š Key Levels:
Support Zone: $477
Main Support: $350
Invalid Support: $400 (not considered structurally strong)
š¢ Bullish Scenario:
If TAO holds above $477 for at least 8 hours (two 4H candle closes with body above), it is likely to continue toward the psychological resistance of $500.
A break and 2-day close above $500 opens the door for explosive upside moves ā potential next targets: $600, $700 (subject to confirmation).
š“ Bearish Scenario:
If TAO fails to hold $477 for more than 8 hours, downside pressure may increase sharply.
In such a case, $400 is not expected to offer significant support, and the next likely destination is $350.
ā Summary:
TAO is at a decision point. Stability above $477 could ignite further upside momentum. Failure to hold may trigger a swift pullback toward $350.
š” Strategy:
Entry (Long): On confirmed hold above $477
Upside Targets: $500 ā $600 ā $700+
Stop Loss: Below $477 (for long setups)
Entry (Short): Below $477 after 8-hour confirmation
Downside Target: $350