Hey Binance Square Fam! 👋
Bittensor ($TAO) is making waves in the crypto market, currently trading at $446.44, with a 0.34% increase today. After a recent 15% surge following a breakout from a descending channel, TAO is now testing the critical $450–$480 resistance zone.
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🔍 Key Technical Levels to Watch
Resistance Zones:
**$450–$480**: Multiple rejections have occurred here; a daily close above $480 could signal further upside.
**$500**: Psychological barrier and next target if $480 is breached.
Support Levels:
**$460**: Immediate support where buyers have previously stepped in.
**$440**: Next support level if $460 fails to hold.
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📈 Chart Patterns & Indicators
On the 2-hour chart, a symmetrical triangle is forming, indicating potential for a breakout or breakdown. Momentum is building, so keep an eye on volume spikes for confirmation.
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🎯 Trading Strategies
Bullish Scenario:
Entry: Wait for a breakout above $480 with strong volume.
Targets: $500 and beyond.
Stop-Loss: Below $460.
Bearish Scenario:
Entry: If price drops below $460, consider short positions.
Targets: $440 and lower.
Stop-Loss: Above $480.
Range Trading:
Buy: Near $460 support.
Sell: Near $480 resistance.
Stop-Loss: Tight stops to manage risk.
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🧠 Pro Tips
Volume Confirmation: Always look for volume spikes to confirm breakouts or breakdowns.
Use Indicators: Combine RSI or MACD to gauge momentum before entering trades.
Stay Updated: Market conditions can change rapidly; keep an eye on news and updates.
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TAO is at a pivotal point—will it break through resistance or face another rejection? Share your thoughts and strategies below! 👇
#TAO #Bittensor #CryptoTrading #BinanceSquare #Write2Earn
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