TAO today's market analysis:
1. K-line pattern:
The current price of TAO is 586.9 USDT, and the price has increased slightly recently amid shocks. The short-term support below is around 580 USDT, while the resistance above is around 600 USDT. The price currently fluctuates within the range of 580 USDT to 600 USDT, showing the market's short-term shock consolidation trend.
If the price can break through 600 USDT, it will open up room for further gains; conversely, if it fails to break through the resistance level, it may pull back to the 580 USDT support area.
2. Technical indicators:
MACD: The MACD fast line is slightly higher than the slow line above the zero axis, indicating that the market momentum is still bullish, but the bullish momentum has weakened, and the market may be in a volatile area.
RSI: The RSI is currently around 56, which shows that the market still has some room to rise, but it has not reached the overbought area. Be wary of the risk of a correction near 70.
EMA: EMA7 (585 USDT) is above EMA30 (582 USDT), indicating a slight upward trend in the short-term market, but EMA120 (595 USDT) may form strong resistance.
3. Trading volume:
Trading volume has remained stable recently without significant expansion or contraction, indicating that market sentiment is relatively cautious. If trading volume increases significantly in the future, it may push the price to further break through the resistance level.
Operation suggestions:
Long strategy: You can consider going long when the price pulls back to around 585 USDT, with the target take profit set at 600 USDT and the stop loss set at 580 USDT to prevent a market correction.
Short selling strategy: If the price fails to effectively break through 600 USDT, you can go short in this area. The target take profit is set at 580 USDT and the stop loss is set above 605 USDT.
