TAO/USDT Technical Outlook
Looking at the daily TAO chart, we clearly see that the falling channel the price has been trading in for a long time has been broken upwards, which might indicate that the price will go up and there is a potential for a rise as long as the channel’s length. The price seems to have found both technical and volume-based support after the breakout.
The price of the coin is currently trading at the resistance level of $408 - $420, which was previously tested many times and proved to be a very strong resistance. In case of a pullback, the support levels of $408 → $399 → $375 should be followed. However, if the price continues to climb, the levels of $437 → $489 → $515 could be the targets ahead.
Major Support and Resistance Levels
Support levels:
- $408.22 (first support level)
- $399.21
- $374.96
- $352.19
Resistance levels:
- $437.40
- $489.00
- $515.67
Summary:
- Descending channel broke out upwards
- A huge rise after the breakout
- Potential for rise as long as the channel’s length
- $408 – $420 range is strong resistance
- If the price holds above it, $437 and $489 will be next targets
- $399 and $375 will work as support in case of a pullback
These analyses, not offering any kind of investment advice, focus on support and resistance levels considered to offer trading opportunities in the short and medium term according to the market conditions. However, the user is responsible for their own actions and risk management. Moreover, it is highly recommended to use stop loss (SL) during trades.
