$TAO Bullish Setup - Broadening Wedge Pattern!
#TAO has formed a broadening wedge pattern on the 12-hour timeframe, a classic signal of potential price expansion. Currently, the token is trading above the strong $444 support level, providing a solid foundation for a potential bullish bounce.
Potential Price Targets:
$505: First resistance zone to watch for a potential breakout.
$550: Key target level as the token continues its bullish momentum.
$620: A higher resistance that may come into play if buying pressure persists.
$670: The upper range of the wedge pattern, where bulls may aim to push.
💡 What’s Next?:
Bounce Confirmation: If #TAO bounces off the $444 support, expect a continuation towards the above targets. The broadening wedge suggests increasing volatility and potential for a strong upward move.
Risk Management: If the support at $444 is lost, a potential retracement to lower levels is possible. Keep an eye on the breakout confirmation to manage risk.
Trader’s Tip: Keep your eyes on the $444 support! A bounce here could lead to significant upside, but always set stop-losses to guard against unexpected market movements. This setup could offer a thrilling ride up if the momentum continues!