After the spike test at the $320 resistance failed, the $TAO spot price pulled back to around $312. Over the past 24 hours, the price increase has narrowed to about 12%, but it still remains at the top of the spot abnormal-movement leaderboard.
Compared with most other assets, which often see their momentum quickly fade after running into resistance, the chart during the pullback shows a relatively solid high-frequency turnover pattern: in the past 24 hours, spot matched trades have broken 560,000 orders, and the trading value has stayed above $108 million. Buyers and sellers have been re-depositing positions densely above $310.
However, after the drop that followed the failure at the $320 level, sell pressure gradually becomes apparent from profit-taking and de-risking/exit (unlocking) positions. The key observation after the pullback has stabilized is whether the current hot trading activity—exceeding $100 million in turnover—can form a firm support above the $310 level, and help prevent a second pullback caused by losing the level in the ongoing tug-of-war.
#TAO #Crypto
Compared with most other assets, which often see their momentum quickly fade after running into resistance, the chart during the pullback shows a relatively solid high-frequency turnover pattern: in the past 24 hours, spot matched trades have broken 560,000 orders, and the trading value has stayed above $108 million. Buyers and sellers have been re-depositing positions densely above $310.
However, after the drop that followed the failure at the $320 level, sell pressure gradually becomes apparent from profit-taking and de-risking/exit (unlocking) positions. The key observation after the pullback has stabilized is whether the current hot trading activity—exceeding $100 million in turnover—can form a firm support above the $310 level, and help prevent a second pullback caused by losing the level in the ongoing tug-of-war.
#TAO #Crypto