TAO to $900 (Bittensor)
2024-12-11
Category: None

Based on the provided daily (1D) chart of TAO/USDT, here are the predicted support and resistance levels:

Support Levels:
Support 1: 500–520 USD

This zone aligns with the 0.618 Fibonacci retracement level and the high-volume area. It could act as a strong short-term support.
Support 2: 420–450 USD

The highlighted green Area of Interest indicates significant demand. A pullback to this level could offer an excellent buying opportunity.
Support 3: 360–380 USD

A major support zone with historical consolidation, acting as a last line of defense for the bullish trend.
Resistance Levels:
Resistance 1: 850–890 USD

This zone represents the next significant target, indicated by the chart's yellow projection and volume profile.
Resistance 2 (Key Level): 1,020–1,030 USD

Marked as an important psychological and technical resistance, potentially serving as a medium-term target.
Resistance 3 (Extended Target): 1,700–1,730 USD

The long-term target aligns with the next major Fibonacci extension level. A strong breakout above 1,030 USD would validate the potential to reach this level.
Scenario Analysis:
Bullish Case: If the price holds above 520 USD and gains momentum, it is likely to test 850–890 USD and eventually move towards 1,030 USD.
Bearish Case: A breakdown below 500 USD could lead to a retracement towards 420 USD or even 360 USD, offering a chance for re-entry.
Monitor volume and momentum indicators (like MACD) to confirm trend strength, and implement stop-loss orders based on the nearest support levels for risk management.




  BINANCE:TAOUSDT   CRYPTOCAP:OTHERS   BINANCE:BTCUSDT   CRYPTOCAP:BTC.D  
 