Amid the latest dip, TAO advanced bearishness and broke down to a new yearly low after shedding roughly a 15% loss in the past 24 hours. This suggests a long-term move as supply continues to increase daily.
After witnessing a lot of breakdowns since the start of the year, TAO lost the key $300 level and closed the first quarter of the year bearish. The buyers are currently in disbelief as they still hope to regain control.
While they have continued to suffer a considerable loss, several attempts to push back have proven abortive on a monthly scale. It just broke down from a multi-month low and is now looking for support on the daily chart.
The $200 level is considered the closest retest level on the hourly chart. Once that comes into play, we can expect more bleeding to occur in the coming weeks. There’s currently no room for a recovery. However, it is important to note that today marks the biggest drop in TAO’s price since the start of the month. A strong weekly close should fuel a bigger drop.
Looking at the overall market, TAO is highly bearish on the daily chart. It just signals a long-term bearish following the latest breakdown.
Source: Tradingview
Currently, there’s no key support level to stop the latest bleeding. There is a close level for a test at $165, along with the $130 level. If all these levels fail to provide support, the next key level to watch is $100.
The $212.5 level is a close resistance to watch in case of a retracement. Higher levels to keep in mind are located at $255.4 and the important $300 level broken last month.
Key Resistance Levels: $212.5, $255.4, $300
Key Support Levels: $165, $130, $100
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
Follow us on Twitter @themerklehash to stay updated with the latest Crypto, NFT, AI, Cybersecurity, and Metaverse news!
There is a quiet but nonetheless impactful divergence taking place in the global cryptocurrency payments…
After a few days of pressure, KelpDAO has published an extensive community update on its…
GSR has formally entered the ETF market with their first ETF, $BESO, which is listed…
While the Dogecoin community has always had its share of news to talk about, it…
In a major development, Bitget Wallet has announced the integration of Polymarket directly into its…
The Aave rsETH/wrsETH market froze abruptly, leading to a rapid series of withdrawals, including one…