TAO/USDT - Cup & Handle Pattern on the 1D Chart
2024-11-21

We can see a promising **Cup & Handle formation** on the TAO/USDT daily chart. The Cup & Handle pattern is known as a bullish continuation signal, indicating the potential for a trend continuation.

Before we continue please Boost this Post and Follow my Page to get more Chart-Analysis

🔴 **Cup Phase**: The "Cup" began forming when the downtrend halted, and a bottoming process started, followed by a gentle upward movement that shapes the form of a cup. The volume during this phase was relatively steady, indicating slow consolidation.

🟠 **Handle Phase**: After the cup formation, we see a slight pullback, which forms the "handle". This movement typically indicates a final retracement before the price attempts a breakout to the upside.

📊 **Key Fibonacci Levels**: We are currently hovering around the **0.618 Fibonacci retracement level**, which is typically seen as a strong support zone. A successful breakout above the handle could indicate a bullish move, with the **extension levels** being potential price targets.

⚠️ **Key Levels**: A breakout above the **815.3 USDT** level could signal a continuation of the upward trend. On the other hand, a break below the support around **429.0 USDT** would invalidate the pattern and may lead to further weakness.

**Entry Point**: In current Retest Price: 460-475

🌟 **Potential**: A successful breakout from this pattern could trigger a strong buying signal and pave the way for new highs. The target for this pattern could be based on the cup’s height and Fibonacci extension levels, aiming for **1,220.9 USDT** or higher.

---

"Always trade with caution and manage your risk! This is not financial advice."

---

**Disclaimer**: This analysis is intended for educational and informational purposes only. It should not be construed as financial or investment advice. Trading cryptocurrencies involves significant risk, and you should consult with a qualified financial advisor before making any investment decisions. Past performance does not guarantee future results. You are solely responsible for your own trading activities and decisions.

#TAO
