TAO Crypto Price Prediction: Bittensor Teeters on the Edge
The TAO crypto price surged over 3% in the last 24 hours to trade at $382.66 at press time.
TAO Crypto Price Overview
In the recent trading sessions on the 4-hour chart, the TAO crypto price has exhibited notable fluctuations. Its closing prices moving within a narrow range between $372.3 and $380.1. The recent closing price of $374.5 reflects a slight uptick from the low of $372.3. However, it remains below the earlier high of $380.1. Analyzing the technical indicators and chart patterns gives us further insights into potential future movements.
The 9 EMA has declined from $385.23 to $379.22 over the last few periods, which suggests a short-term downward momentum as it remains below the 20 EMA, which itself has decreased from $396.92 to $389.74. This configuration typically indicates bearish sentiment in the market, as the shorter-term EMA is below the longer-term EMA.
The Moving Average Convergence Divergence (MACD) further corroborates this bearish outlook. The MACD line has been trending below the signal line over the recent periods, with the histogram values showing a negative trend, indicating weakening upward momentum and a potential continuation of the downward trend.
The RSI levels have hovered near and below 40, peaking at 39.07 recently. Values below 40 often suggest that the asset may be underbought, but given the proximity to this threshold, it points to a weak bearish bias or potential stabilization in price movement.
Levels to Watch
Looking ahead, the immediate resistance level for the TAO crypto price is around $400.3. If a bullish reversal occurs and pushes the price above this point, the next targets would be $436.5 and eventually $461.1. On the downside, the support at $370.5 will be crucial. A break below this could see the price testing further support at $347.3.
Given the bearish indicators, traders might consider short positions if the price approaches the resistance levels of $400.3 or $436.5, using these peaks as potential exit points. Conversely, should the price approach the $370.5 support with increasing volume and a turn upward in RSI or MACD, a long position could be considered, targeting the nearest resistance level as a potential exit point.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Ecoinimist is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
