(TAO) Price Consolidation: TAO is unlikely to reach the $700 level in the short term 🔔
Bitsoar (TAO) is one of the leading AI coins in the market, currently showing signs of consolidation. Market indicators suggest hesitation, with neither buyers nor sellers fully in control.
TAO's movement appears to fluctuate within a certain range, lacking clear momentum to break upwards or decline significantly. The EMA lines suggest a potential "death cross", which could trigger a significant adjustment if market momentum continues to weaken.
🔔 The price chart for TAO shows that the price is currently in a consolidation phase, trading between key support and resistance levels. Resistance levels are at $600 and $618, with previous attempts to break through failing, while the support levels at $503 and $473 are currently holding, providing a buffer against further declines. $TAO
The EMA lines also reflect this sideways behavior, with the short-term EMA line approaching the long-term EMA line, indicating a weakening bullish momentum.
The short-term EMA line is about to cross below the long-term EMA line, and if confirmed, could form a "death cross". A death cross typically signals a bearish reversal, suggesting that downward pressure may intensify, leading to a significant adjustment.
If the TAO price can regain its upward trend, it may soon test the resistance levels of $600 and $618. This would mark a potential price surge of 12%. However, if the upward trend lacks strength and is reversed, TAO could fall to $473, indicating a 14% price adjustment.