Bittensor (TAO) Shows Bullish Structure but Faces Resistance Near $500, Consolidation Expected
Main Idea
Bittensor (TAO) exhibits a bullish price structure but faces resistance near $500, consolidating between $425-$435 as traders await a breakout.
Key Points
1. TAO has rallied 35% in three weeks but remains capped below the $500 resistance level.
2. The $400 support zone is identified as a strong area for potential bullish reversal.
3. A bearish divergence between price and the Money Flow Index (MFI) led to an 11% price reset, but the Chaikin Money Flow (CMF) suggests a healthy correction.
4. Bitcoin's minor price dip on July 28 contributed to pressure on TAO's momentum, delaying breakout attempts.
5. Consolidation between $425-$435 indicates accumulation, potentially building momentum for a future breakout.
Description
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