TAO Price Trends Lower with Bearish Indicators Dominating Market

Recent closing prices for $TAO show a noticeable downward shift from $476.0 to $456.1. The 9 Exponential Moving Averages (EMA) and 20 EMA  on the 1-hour chart further verify this bearish trend. The 9 EMA dropped from $467.09 to $461.24 while the 20 EMA remained relatively flat around $458.

Moreover, the MACD – a momentum-based indicator that identifies the relationship between two moving averages of a security's price – underscores a bearish trend. The MACD lines have descended from 11.91 to 6.98, with the histogram values becoming more negative, indicating increasing bearish momentum. 

RSI readings have also dropped from an overbought region around 69.5 to a neutral region around 51.9. This implies that the asset has undergone a correction and is now ready for the next market movement. #TAO #Bittensor #BullorBear The full analysis and trade strategy were posted on www.ecoinimist.com.