My lovely people! 🚀 Are you ready to dissect the drama that TAO is experiencing? The cryptocurrency Bittensor, or as we call it, TAO, is walking a tightrope! Even though last week it powered up and rose by 35%, it hasn't managed to break the barrier of $500. Can you imagine? It had all the momentum and suddenly, wham!, an 11% drop that left us all speechless. This makes us wonder, is TAO finally taking off or is it stuck on the floor? 🤔
The truth is that TAO has a super bullish structure both day by day and week by week, a sign that it has what it takes! It was expected to reach $489, but watch out! The MFI (which measures money flow) said otherwise. While the price was rising, the MFI was declining, a bearish divergence that indicates something was not right. And of course, after that, bam!, it hit the floor and restarted its journey to $400.
But not everything is lost, not at all! The CMF (which also measures buying pressure) remains above +0.05, which shouts to us that there is buying pressure and that people have faith in it. So, after touching $400, it is most likely that TAO will prepare for a new upward push. It is not expected to drop below $400 in the coming days! In fact, between $392 and $400 looks like a zone where the coin could bounce back strongly if it drops a little more. It's as if the market is saying: "We're waiting for you to push yourself up again!"
Now, the thing is that in the short term, TAO could be dancing between $420 and $442. This is what we call consolidation, where the price stabilizes and the coin takes a breather to gather strength before its next major move. So, for those who are into this crypto world, patience is key. No desperate moves in the low ranges! It's better to wait and see how things settle.
Will TAO finally gather the courage and break that barrier of $500, or will it continue this tug-of-war that has us all with our hearts in our hands? Only time will tell!
