TAO crypto faces 11% dip, consolidates below $500 – What now?
Main Idea
TAO crypto is experiencing a short-term consolidation below $500 after an 11% dip, with traders advised to monitor key support and resistance levels for potential moves.
Key Points
1. TAO crypto is trading below the long-term resistance at $500 despite a recent 35% rally, with price action restricted between $425-$435 over the weekend.
2. Bitcoin's 0.65% price dip on July 28 did not positively impact TAO's performance.
3. TAO's swing structures remain bullish, with June’s high of $443 surpassed earlier in July, setting up a potential rally to $489.
4. A bearish divergence was noted as the MFI made a lower high while the price made a higher high, leading to a dip to reset the $400 support zone.
5. The CMF remains above the +0.05 level, indicating significant buying pressure, and a drop below $400 is not expected in the near term.
Description
Traders should be wary of the short-term consolidation and plan their moves for when TAO crypto retests.
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