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Coin Name: $TAO
Signal Type: LONG
Technical Overview:
Looking at the TAOUSDT chart, I’ve identified a key technical structure: the coin is positioned in a golden pocket retracement zone. This level typically indicates a high-probability reversal or breakout area. In this case, we are closely approaching a resistance level that, if broken, could trigger a significant bullish rally.
Chart Analysis:
On the daily timeframe, TAO is forming a potential breakout from the golden pocket zone (between 584.2 and 591.4), which aligns with a likely continuation of its upward trend. The price has been consolidating within this range, but with increased buying volume and momentum, the resistance around 591.4 is likely to give way to a sharp pump.
If TAO successfully breaches this level, I anticipate further bullish momentum that could push the price toward our second target at 594.1. However, if the price fails to hold support around 584.2, there is a stop loss positioned at 573.4 to minimize downside risk.
Market Context – Altcoin Sentiment:
It's also essential to consider the broader market sentiment, particularly by analyzing the TOTAL2 market cap, which tracks the overall valuation of altcoins excluding Bitcoin. As of now, TOTAL2 has just recently bounced off a key support level and is attempting to break through a critical resistance area, signaling a potential influx of liquidity into altcoins. This bullish sentiment across altcoins further reinforces the likelihood of a breakout in TAOUSDT.
Trade Details:
Entry Price: 584.2
1st Take Profit (TP1): 591.4
2nd Take Profit (TP2): 594.1
Leverage: 10x
Stop Loss (SL): 573.4
Risk Management:
With leverage set at 10x, it’s crucial to manage risk effectively. Our stop-loss placement ensures limited downside exposure in case of unexpected volatility. Always ensure you size your position appropriately to your risk tolerance.
