------------------ $TAO ANALYSIS 15 JANUARY, 2025 ------------- THE BEARISH TREND HAS COME TO AN END!
This is a technical analysis on a 5-minute chart for TAO.
1. 50 Moving Average (406.59) - $TAO is currently battling the 50 MA, which is acting as a potential resistance level. This is a crucial juncture; if TAO maintains the 50 MA as resistance, it could confirm further bearish pressure in the short term.
2. Cup & Handle Pattern - If $TAO solidifies the 50 MA as resistance and then breaks above 412.75 (green mark), this could complete the Cup & Handle pattern. This breakout would signal a continuation of the upward trend.
Potential Upside - A breakout above 412.75 could drive the price to 413. If this happens, TAO would likely surpass the 150 Moving Average (currently at 409.7). Holding above the 150 MA as new support would be a bullish confirmation, opening the path to the next target at 419.
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