$TAO en 1D: AI narrative discount or deep correction on the way? 🧠📉
After an impeccable rally from 213.4 to nearly touching 341.3, the queen of Artificial Intelligence is taking a bloody breather on the daily chart.
Trading at 291.7, TAO dropped -6.21% and lost the dynamic support of the 7 EMA (298.4). The MACD indicator confirms the bearish turn with a red histogram (-2.2), and the KDJ shows low compression, indicating the bullish momentum has fully run out at the top.
Now everyone in the market is watching the 25 EMA (280.3). If buying demand doesn’t return strongly in this area with passive limit orders to stop the bleed, the next attractive liquidity point for market makers will be near the 99 EMA (244.7).
Buying at market in the middle of a red candle that barely seeks support is the retail favorite mistake.
Do you see a solid bounce at 280, or are they going to wait for it to dip lower? I’m reading you in the comments. 👇👀
$TAO #Bittensor #TAOUSDT #AI #BinanceSquare #PriceAction #CryptoTrading
After an impeccable rally from 213.4 to nearly touching 341.3, the queen of Artificial Intelligence is taking a bloody breather on the daily chart.
Trading at 291.7, TAO dropped -6.21% and lost the dynamic support of the 7 EMA (298.4). The MACD indicator confirms the bearish turn with a red histogram (-2.2), and the KDJ shows low compression, indicating the bullish momentum has fully run out at the top.
Now everyone in the market is watching the 25 EMA (280.3). If buying demand doesn’t return strongly in this area with passive limit orders to stop the bleed, the next attractive liquidity point for market makers will be near the 99 EMA (244.7).
Buying at market in the middle of a red candle that barely seeks support is the retail favorite mistake.
Do you see a solid bounce at 280, or are they going to wait for it to dip lower? I’m reading you in the comments. 👇👀
$TAO #Bittensor #TAOUSDT #AI #BinanceSquare #PriceAction #CryptoTrading
