ANALYSIS as of 06/10/2024 $TAO Top Coins by AltRank™ in the Last 24 Hours
When considering a scenario where #TAO declines to $409.5, opportunities for LONG and SHORT positions should be considered depending on how price reacts to this key support level.
1. Entry point at $409.5:
• LONG position:
o The $409.5 level is an important Fibonacci level (50%) and if the price reaches it and starts showing signs of a rebound, it will be a great entry point for a LONG.
o Entry Point: Upon confirmation of a bounce at $409.5 (confirmation may include reversal candlestick patterns).
o Exit point:
Profit targets may be at $473.3 and $525.
Further targets can be set at $565 and $599.4.
o Stop Loss: Place below $385 to protect against false breakouts and possible further decline.
o Probability of LONG working out: If there is a confident rebound from the $409.5 level, the probability of further growth to $525 is estimated at 65-70%.
2. SHORT entry point upon breakout of the $409.5 level:
• If the $409.5 level is broken downwards, this could be a signal to open a SHORT position.
o Entry point: Short entry at $409.5 breakout.
o Exit point:
The first target is $363.9 (Fibonacci level 0.618), then $331.6 and $299.4.
Further targets can be set at $219.6.
o Stop loss: Place above $435 to minimize risks in case of a false breakout.
o Probability of SHORT working out: When the level of $409.5 is broken, the probability of reaching the target of $363.9 and below is 60-65%.
