$TAO /USDT Market Analysis – Bearish Momentum Persists
#TAO is currently trading at $448.61, reflecting a 0.03% increase over the past 24 hours. Despite this slight uptick, the broader trend indicates continued bearish momentum.
Key Observations:
Resistance Levels: TAO has faced repeated rejections near the $350 supply zone, suggesting strong selling pressure at this level.
Support Levels: Immediate support is identified at $267.1. A breakdown below this could lead to further declines.
Technical Indicators: The Relative Strength Index (RSI) indicates oversold conditions; however, the overall trend remains negative.
Trading Strategy:
Short Entry: Consider entering a short position between $372 - $378, with a stop loss at $380 and a take profit target at $360.
Breakout Confirmation: A confirmed break below $368 may accelerate downside movement.
Note: Always employ risk management strategies, including stop-loss orders, and stay updated with market developments.
