TAO Tests Key Support After Breakout as Bulls Eye Higher Targets

The TAO token is currently testing a key support level after a recent breakout, with bullish traders eyeing higher targets if the support holds. Here's a breakdown of the situation: ### **Current Market Dynamics:** 1. **Breakout & Retest Phase:** - TAO broke out from a resistance level and is now retesting that level as support—a common technical pattern. - If the support holds, it could confirm the breakout's validity and signal further upside. 2. **Key Support Zone:** - The critical support area to watch is likely around **$X.XX** (exact level depends on recent price action). - A sustained hold above this level keeps bullish momentum intact. 3. **Bullish Targets if Support Holds:** - **First Target:** Previous high (~$X.XX). - **Second Target:** Extension towards $X.XX (Fibonacci extension or psychological resistance). 4. **Bearish Scenario if Support Fails:** - A breakdown below support could trigger a deeper pullback toward $X.XX (next support). - This would invalidate the breakout and may shift sentiment neutral/bearish short-term. ### **Factors Influencing TAO’s Next Move:** - **Bitcoin & Macro Trends:** If BTC remains stable/ bullish, TAO may follow. - **AI & Bittensor Ecosystem Developments:** Positive updates could fuel momentum. - **Trading Volume:** Declining volume on retests may weaken the breakout case. ### **Key Levels to Watch:** - **Support:** $X.XX (recent breakout level). - **Resistance:** $X.XX (next hurdle for bulls). ### **Conclusion:** - **Bullish Case:** Hold above support → rally toward higher targets. - **Bearish Case:** Breakdown → possible retracement to lower support. Would you like a deeper analysis with exact price levels based on TAO’s recent chart structure?