$TAO /USDT Daily Technical Analysis
Key Insights:
- 68% Drop: TAO has plummeted by 68% since early April 2024, with a potential further decline of 20-25% to reach support levels between $194 and $217.
- Rebound Expected: A bounce back is likely after hitting these support levels, pushing the price towards its all-time high (ATH) target of $777, representing a 260% gain.
Key Levels:
- Strong Support/Entry: $194 to $217
- Primary Resistance: $287 to $306
- Potential Rebound/Target: $777 (All-time high)
RSI Analysis:
- Bullish Momentum: The RSI indicates a slight increase in momentum from the oversold area, suggesting a bullish scenario.
Invalidation Point:
- Breakdown Below Support: A close below the support level would invalidate this analysis.
Conclusion:
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