TAOUSDT has been trading in a well-defined rectangle for the last 16 months.Key Levels
• $195 - Support, with demand zone extending to ~$260
• $470 - Midline, S/R band extending between $460-$490
• $745 - Resistance, with supply zone extending to $640
Despite a recent fakeout to the downside, TAO recovered support and might be headed for another move to the upside.
Targets
• $1300 in case of a sustained break above $745
• $50 in case of a sustained break below $195
Note
After recovering support and printing a +100% in 2 weeks, TAO is now challenging the $350 area, a key S/R in place since December 2023.Coupled with the near-overbought daily RSI and the 200-day EMA sitting just above this area, it would be reasonable to expect strong resistance.
However, overcoming this area would most likely shift the bias to bullish.
Note
TAO is challenging a crucial level:• Attempt to reclaim the $360 key support
• 1-year EMA
• 200-day EMA
I wouldn't be surprised with a temporary pullback, but a successful breakthrough would be very bullish.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.