TAO/USDT Technical Analysis & Trade Signal
Current Price: $514.0
Trend: Bearish (Price is down by 1.81%)
Key Technical Indicators:
24h High: $538.0
24h Low: $485.6
Support Levels: $485.6, $482.9
Resistance Levels: $521.4, $538.0, $540.7 (SAR)
Momentum:
The price is showing a slightly bearish momentum after a 1.81% drop.
SAR Indicator suggests a slight downward trend (current SAR at $520.8), signaling potential selling pressure.
Trade Signal:
Sell: Current market sentiment points to a short-term bearish trend. If price breaks below $510, consider entering a short position.
Target Levels 🎯:
1. Target 1: $485.6 (First support level)
2. Target 2: $482.9 (Second support level)
3. Target 3: $475.0 (Potential further downside if bearish trend persists)
Conclusion:
Bearish Trade Setup: Given the current market behavior and resistance at higher levels, shorting with target levels at $485.6 and $482.9 may be considered for a downtrend continuation.
Monitor for signs of reversal near support levels to switch to a long position if price starts to recover.
Trade Momentum: Bearish. Proceed with caution and ensure to use risk management (stop-loss) strategies.
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