$TAO $TAO

$TAO /USDT Technical Analysis:

Current Price: $506.1

Resistance Levels:

510.5 – Immediate resistance (24h High), price is near this level, indicating strong selling pressure around this area.

520.0 – A possible secondary resistance, based on previous price action.

530.0 – Stronger resistance zone, where the price could face significant difficulty pushing higher.

Support Levels:

460.9 (MA7) – Immediate support level where price might find buying interest if it pulls back.

440.8 (MA25) – Another key support level, providing a solid floor in case of a deeper pullback.

395.7 (24h Low) – Strong support area, offering a cushion for long positions.

Entry Point:

Primary Entry: If the price breaks above 510.5, you can enter long with a target toward 520.0 or 530.0.

Pullback Entry: Consider entering at 460.9 (MA7) or 440.8 (MA25) for a more favorable risk-to-reward ratio if the price retraces.

Stop Loss:

Place the stop loss below 460.9 for an entry near that level, or below 440.8 (MA25) for a safer position.

If entering after a breakout above 510.5, set the stop loss just below this level to reduce risk.

Take Profit Targets:

First Target: 520.0 (next resistance area)

Second Target: 530.0 (stronger resistance)

Third Target: 550.0, if momentum remains strong

Strategy: TAO is in a strong upward momentum, with a +18.52% gain. Currently, it's testing the 510.5 resistance level. If the price breaks through this level, it could move towards 520.0 or 530.0. Alternatively, if the price retraces, you can look for entry around 460.9 or 440.8, with a stop loss below 460.9 and targets at 520.0 and 530.0. This provides a balanced approach with both breakout and pullback opportunities.#EthereumWhitepaper #NovemberMarketAnalysis #USElections2024Countdown #ETHBTCNewLow #Write2Earn!