The $TAO /USDT pair is currently trading at $452.7, down by -9.68% in the last 24 hours, reflecting strong bearish momentum. The market recently tested a critical support level at $441.8 (24-hour low), with buyers stepping in to defend it. The immediate resistance zone is between $460 and $470, and a breakout above this level could signal a potential recovery toward $500+.
Support & Resistance:
Support ($441.8): This is the level where the price tends to bounce as buyers find value. A break below it could lead to a further decline toward $420.
Resistance ($460-$470): This is the level where selling pressure increases. Bulls need to break through this zone to regain control.
Entry Strategy:
Bullish Trade: Wait for a bounce near $441 with confirmation (e.g., green candles and increasing volume). Target the $460-$470 resistance, placing a stop-loss below $440.
Bearish Trade: Watch for a rejection at $460-$470, signaling sellers' dominance. Short positions can target $441 or lower, with a stop-loss above $475.
Given the high volatility in this market, it is crucial to manage your risk carefully and monitor key levels. Patience and precision are essential for success in these types of setups.